CVC sells €454.2 million CLO; euro volume nears €8 billion; Guggenheim brings CLO tap

By Cristal Cody

Eureka Springs, Ark., July 8 – The primary market on Friday saw its second euro-denominated CLO deal price since the United Kingdom voted to leave the European Union.

CVC Credit Partners Group Ltd. tapped the market with a €454.2 million CLO deal.

As previously reported, Accunia Credit Management Fondsmaeglerselskab A/S priced €421.23 million of notes in the Accunia European CLO I BV offering via Deutsche Bank AG, London Branch.

The latest transactions bring total European CLO issuance year to date to nearly €8 billion, according to data from Prospect News.

In the U.S. space, Guggenheim Partners Investment Management LLC priced a $250 million add-on to a CLO deal it first brought to market in 2015.

CVC prices second CLO

CVC Credit Partners Group priced €454.2 million of notes due Aug. 6, 2029 in the CVC Cordatus Loan Fund VII DAC CLO transaction, according to a market source.

The CLO sold €248.4 million of class A-1 senior secured floating-rate notes at Euribor plus 130 basis points in the senior tranche.

Citigroup Global Markets Inc. arranged the deal.

The CLO is backed primarily by euro-denominated senior secured loans and senior secured bonds.

CVC Credit Partners has priced two new CLO offerings in 2016.

The credit management arm of London-based private equity firm CVC Capital Partners Ltd. brought one euro-denominated CLO transaction in 2015.

Guggenheim sells CLO

Guggenheim Partners Investment Management priced a $250 million issuance of notes due April 15, 2027 in the Guggenheim Private Debt Fund Note Issuer 2.0, LLC transaction, according to a market source.

Guggenheim Private Debt Fund Note Issuer 2.0 priced $76 million of series A-2 floating-rate notes at Libor plus 275 bps at the top of the capital structure.

Guggenheim originally sold $500 million of notes in the CLO deal on Sept. 25, 2015.

Guggenheim Partners Investment Management has priced three CLO deals year to date.

The Santa Monica, Calif.-based investment management firm and subsidiary of Guggenheim Partners, LLC priced five CLO transactions in 2015.

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