Spire sells €407.6 million CLO; AAAs firm from year-ago print; primary active in Europe

By Cristal Cody

Tupelo, Miss., March 28 – Spire Partners LLP priced a new €407.6 million euro-denominated CLO and placed the AAA-rated tranche more than 10 basis points tighter from where it priced its last deal in 2017.

Spire Partners priced the class A-1 senior secured floating-rate notes at Euribor plus 75 bps.

European CLO primary market action has picked up in March with new deals from CLO managers that include BlackRock Investment Management (UK) Ltd.

The BlackRock European CLO V DAC vehicle priced its €216 million AAA-rated tranche of class A-1 senior secured floating-rate notes at Euribor plus 72 bps.

Spire Partners priced €407.6 million of notes due Jan. 16, 2031 in the Aurium CLO IV DAC transaction, according to a market source.

The CLO sold €199 million of class A-1 senior secured floating-rate notes at Euribor plus 75 bps, €30 million of 1.62% class A-2 senior secured fixed-rate notes and €54 million of class B senior secured floating-rate notes at Euribor plus 110 bps at the top of the capital structure.

A year ago, in the €387.35 million Aurium CLO III DAC transaction that priced March 17, 2017, Spire Partners sold €220 million of class A senior secured floating-rate notes at Euribor plus 88 bps, €41.5 million of class B-1 senior secured floating-rate notes at Euribor plus 150 bps and €10 million of 2.15% class B-2 senior secured fixed-rate notes.

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