By Cristal Cody
Tupelo, Miss., July 8 – CELF Advisors LLP sold €408.7 million of notes due Aug. 15, 2032 in its second new issue euro-denominated collateralized loan obligation offering of the year, according to market sources.
Carlyle Global Market Strategies Euro CLO 2019-2 DAC priced €211 million of class A-1A floating-rate notes at Euribor plus 111 basis points, €35 million of class A-1B floating-rate notes at Euribor plus 140 bps, €22 million of class A-2A floating-rate notes at Euribor plus 180 bps and €20 million of 2.4% class A-2B fixed-rate notes.
The CLO also sold €30 million of class B floating-rate notes at Euribor plus 250 bps, €26 million of class C floating-rate notes at Euribor plus 392 bps, €20 million of class D floating-rate notes at Euribor plus 644 bps, €10 million of class E floating-rate notes at Euribor plus 859 bps and €34.7 million of subordinated notes.
Citigroup Global Markets Ltd. was the placement agent.
CELF Advisors will manage the CLO.
The CLO has a two-year non-call period and a 4.5-year reinvestment period.
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.
| Issuer: | Carlyle Global Market Strategies Euro CLO 2019-2 DAC
|
| Amount: | €408.7 million
|
| Maturity: | Aug. 15, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | CELF Advisors LLP
|
| Call feature: | Two years
|
| Pricing date: | July 3
|
| Settlement date: | Aug. 20
|
|
|
| Class A-1A notes
|
| Amount: | €211 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 111 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | €35 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | €22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Ratings: | S&P: AA
|
|
|
| Class A-2B notes
|
| Amount: | €20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.4%
|
| Ratings: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | €30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 250 bps
|
| Ratings: | S&P: A
|
|
|
| Class C notes
|
| Amount: | €26 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 392 bps
|
| Ratings: | S&P: BBB
|
|
|
| Class D notes
|
| Amount: | €20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 644 bps
|
| Ratings: | S&P: BB-
|
|
|
| Class E notes
|
| Amount: | €10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 859 bps
|
| Ratings: | S&P: B-
|
|
|
| Equity
|
| Amount: | €34.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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