By Cristal Cody
Tupelo, Miss., Aug. 22 – CELF Advisors LLP priced €359.1 million of notes due Sept. 21, 2029 in a refinancing of a 2015 euro-denominated collateralized loan obligation offering, according to a market source.
Carlyle Euro CLO 2015-2 DAC sold €238,225,000 of refinancing class A-1A senior secured floating-rate note at Euribor plus 73 basis points, €5,275,000 of 1.2% refinancing class A-1B senior secured fixed-rate notes, €30.35 million of refinancing class A-2A senior secured floating-rate notes at Euribor plus 140 bps and €10.55 million of 1.9% refinancing class A-2B senior secured fixed-rate notes.
The CLO also priced €25.8 million of refinancing class B senior secured deferrable floating-rate notes at Euribor plus 175 bps; €24 million of refinancing class C senior secured deferrable floating-rate notes at Euribor plus 270 bps and €24.9 million of refinancing class D senior secured deferrable floating-rate notes at Euribor plus 525 bps.
Citigroup Global Markets Ltd. arranged the transaction.
CELF Advisors will continue to manage the CLO.
CELF originally priced the €414.3 million CLO on July 10, 2015. The CLO sold €238,225,000 of class A-1A floating-rate note at Euribor plus 135 bps, €5,275,000 of 1.91% class A-1B fixed-rate notes, €390.35 million of class A-2A floating-rate notes at Euribor plus 210 bps and €10.55 million of 2.912% class A-2B fixed-rate notes.
The original CLO also priced €25.8 million of class B floating-rate notes at Euribor plus 290 bps; €24 million of class C floating-rate notes at Euribor plus 360 bps; €24.9 million of class D floating-rate notes at Euribor plus 550 bps; €12.5 million of class E floating-rate notes at Euribor plus 650 bps and €42.7 million of subordinated notes.
Proceeds were used to redeem the original notes. The original tranche of €12.5 million of class E floating-rate notes and €42.7 million of subordinated notes will remain outstanding.
The deal is collateralized primarily by euro-denominated broadly syndicated first-lien senior secured corporate loans.
CELF Advisors has priced two new euro CLOs and refinanced three vintage CLOs year to date.
In 2016, CELF Advisors was in the primary market with two new CLOs and two refinanced CLOs.
The London-based CLO manager is part of Washington, D.C.-based Carlyle Group LP.
| Issuer: | Carlyle Euro CLO 2015-2 DAC
|
| Amount: | €359.1 million refinancing
|
| Maturity: | Sept. 21, 2029
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Ltd.
|
| Manager: | CELF Advisors LLP
|
| Pricing date: | Aug. 16
|
|
|
| Refinancing class A-1A notes
|
| Amount: | €238,225,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 73 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Refinancing class A-1B notes
|
| Amount: | €5,275,000
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.2%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Refinancing class A-2A notes
|
| Amount: | €30.35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA+
|
|
|
| Refinancing class A-2B notes
|
| Amount: | €10.55 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.9%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA+
|
|
|
| Refinancing class B notes
|
| Amount: | €25.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Refinancing class C notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 270 bps
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB
|
|
|
| Refinancing class D notes
|
| Amount: | €24.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 525 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
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