Chenavari brings €365.35 million CLO; Five Arrows Managers refinances; refinancings active

By Cristal Cody

Tupelo, Miss., March 15 – Details emerged about a new CLO transaction priced in Europe and a refinanced U.S. CLO deal first brought to market in 2014.

Chenavari Credit Partners LLP priced €365.35 million of notes in its first European CLO deal of 2017.

New issue euro-denominated CLO volume totals about €1.6 billion year to date, while about €3.6 billion of European CLOs have been refinanced in 2017, according to Prospect News data and market sources.

In U.S. activity, Five Arrows Managers North America LLC, formerly known as West Gate Horizons Advisors, LLC, refinanced $348.5 million in a vintage CLO.

In its deal, Chenavari Credit Partners sold €365.35 million of notes due April 15, 2031 in the Toro European CLO 3 DAC transaction, according to a market source.

The CLO priced €211.5 million of class A secured floating-rate notes at par to yield Euribor plus 96 basis points in the senior tranche.

Barclays arranged the offering.

Meanwhile, Five Arrows Managers North America refinanced $348.5 million of fixed- and floating-rate notes at par in the Ocean Trails CLO V/Ocean Trails CLO V LLC transaction, according to a market source and a notice on Tuesday of changed pages to the proposed supplemental indenture.

The CLO priced $184.5 million of class A-1-R floating-rate notes at Libor plus 122 bps at the top of the capital structure.

© 2015 Prospect News.
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