Permira prices €362.5 million CLO; additional European CLO refinancing supply expected

By Cristal Cody

Tupelo, Miss., March 1 – New European CLO volume includes a €362.5 million deal from Permira Debt Managers Group Holdings Ltd.

Permira priced 10 tranches of fixed-rate, floating-rate and subordinated notes in the transaction.

More than €3 billion of euro-denominated CLOs have priced year to date, according to market sources.

In 2017, CLO managers priced about €20 billion of European CLOs.

Fitch Ratings said in a news release on Thursday that European CLOs reached a post-crisis record in the previous year with strong issuance and the lowest spread levels since the 2008 financial crisis.

New issue CLO senior notes averaged 78 basis points over Euribor in the fourth quarter of 2017, according to the release.

Permira prices Providus CLO

Permira Debt Managers Group priced €362.5 million of notes due May 14, 2031 in the CLO offering, according to a market source.

In the senior tranche, Providus CLO I DAC sold €203 million of class A senior secured floating-rate notes at Euribor plus 74 bps.

BofA Merrill Lynch was the placement agent.

The broadly syndicated CLO is backed mainly by senior secured loans and bonds.

Permira Debt Managers is a structured credit firm based in London.

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