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Bain Capital sells 361.3 million; Carlyle 2016 Euro CLO reset; supply forecast eyed
By Cristal Cody
Tupelo, Miss., April 30 European CLO new issue and refinancing action remains steady, according to sources on Monday.
Bain Capital Credit, Ltd. priced 361.3 million of notes in a new deal.
CELF Advisors LLP refinanced 448.6 million of notes from a 2016 CLO.
On Friday, Partners Group (UK) Management Ltd. priced the 413.2 million new Penta CLO 4 DAC transaction.
The European CLO primary market is expected to remain active with issuance conditions generally looking attractive for managers, BofA Merrill Lynch analysts said in a note released on Monday.
More than 9 billion of new issue euro-denominated CLOs have priced year to date, compared to 4.5 billion in the same time period in 2017, according to the note.
About 22 billion to 25 billion of new European CLO supply is forecast for the year, the BofA Merrill Lync analysts said.
In its deal, Bain Capital Credit priced 361.3 million of notes due 2032 in the Bain Capital Euro CLO 2018-1 DAC transaction, according to market sources on Monday.
The CLO sold 207.6 million of class A senior secured floating-rate notes at Euribor plus 78 basis points in the AAA-rated tranche.
J.P. Morgan Securities plc was the placement agent.
Bain Capital, a Boston-based asset management firm, is a subsidiary of Bain Capital LP.
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