Europe deal volume rises; CVC taps market; GSO/Blackstone preps $660.84 million CLO

By Cristal Cody

Tupelo, Miss., April 15 – European CLO issuance climbed to more than €3.5 billion across nine deals following a €463.47 million offering from CVC Credit Partners Group Ltd., according to market sources and Prospect News data.

CVC Credit Partners Group priced €463.47 million of notes in the transaction.

In the U.S. primary market, GSO/Blackstone Debt Funds Management LLC plans to price a $660.84 million CLO deal.

CLO manager CVC Credit Partners Group priced €463.47 million of notes due July 23, 2029 in the CVC Cordatus Loan Fund V Ltd. deal, according to a market source.

The CLO sold €264.74 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 offering.

Coming up in the pipeline, GSO/Blackstone Debt Funds Management intends to price $660.84 million of notes due 2026 in the Stewart Park CLO Ltd./Stewart Park CLO LLC transaction, a market source said.

The offering includes $393.25 million of class A senior secured floating-rate notes (Aaa/AAA/); $80.7 million of class B senior secured floating-rate notes (Aa1); $56.88 million of class C secured deferrable floating-rate notes (A2); $35.75 million of class D secured deferrable floating-rate notes (Baa3); $33 million of class E secured deferrable floating-rate notes (Ba3) and $61.26 million of subordinated notes.

Wells Fargo Securities LLC is the placement agent.

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