CELF to refinance Carlyle Global Market Strategies Euro CLO 2016-2

By Cristal Cody

Tupelo, Miss., May 17 – CELF Advisors LLP plans to refinance notes due Jan. 18, 2030 from its vintage 2016 euro-denominated collateralized loan obligation offering, according to notices to noteholders on Friday.

Carlyle Global Market Strategies Euro CLO 2016-2 DAC will reprice the class A-1 senior secured floating-rate notes at no more than Euribor plus 87 basis points, the class B senior secured deferrable notes at no more than Euribor plus 240 bps, the class C senior secured deferrable notes at no more than Euribor plus 335 bps and the class D senior secured deferrable notes at no more than Euribor plus 615 bps.

The notes will price at least at par.

Merrill Lynch International is the refinancing placement agent.

CELF Advisors will continue to serve as the CLO manager.

In the original €415 million Carlyle Global Market Strategies Euro CLO 2016-2 DAC transaction issued Dec. 15, 2016, the CLO priced €232 million of class A-1 senior secured floating-rate notes at Euribor plus 100 bps; €59 million of class A-2 senior secured floating-rate notes at Euribor plus 170 bps; €24 million of class B senior secured deferrable floating-rate notes at Euribor plus 250 bps; €19 million of class C senior secured deferrable floating-rate notes at Euribor plus 360 bps; €25 million of class D senior secured deferrable floating-rate notes at Euribor plus 625 bps; €11.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 775 bps and €44.5 million of subordinated notes.

Proceeds will be used to redeem the outstanding class A-1, class B, class C and class D notes on June 6.

The deal is collateralized primarily by senior secured loans and senior secured bonds.

London-based CELF is part of the Washington, D.C.-based Carlyle Group LP.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.