BlackRock, CVC tap Europe; GLG closes on €411.5 million CLO; Blackstone/GSO reprices

By Cristal Cody

Tupelo, Miss., Nov. 5 – Two CLO managers tapped the European primary market with new deals, while a third refinanced a vintage euro-denominated CLO.

BlackRock Investment Management (UK) Ltd. priced €411.25 million of notes in its CLO offering.

The notes due Oct. 15, 2031 were priced in the BlackRock European CLO VII DAC transaction, according to a market source. The CLO sold €240 million of class A senior secured floating-rate notes (Aaa//AAA) at Euribor plus 96 bps in the AAA-rated tranche.

CVC Credit Partners Group Ltd. sold €409.6 million of notes in its transaction.

The notes due Jan. 23, 2032 were priced in the CVC Cordatus Loan Fund XII DAC transaction, according to market sources. The CLO sold €242 million of class A-1 senior secured floating-rate notes at Euribor plus 96 bps at the top of the capital stack.

Also, GLG Partners LP closed Monday on a new €411.5 million CLO deal.

In other market action, Blackstone/GSO Debt Funds Management Europe Ltd. priced €410.25 million of notes in a refinancing and reset of a 2016 vintage CLO.

The deals take new issue European volume to about €25 billion, while about €17 billion of CLOs have been refinanced and or reset year to date, according to a BofA Merrill Lynch research note released on Monday.

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