BlackRock, CELF price new euro-denominated CLOs; TCW refinances $376 million notes

By Cristal Cody

Tupelo, Miss., July 18 – Two CLO managers brought new European CLOs to the primary market, while the U.S. refinancing space remains active.

BlackRock Investment Management (UK) Ltd. priced €412.1 million of notes in the manager’s second new offering of the year.

BlackRock priced the notes due Sept. 15, 2031 in the new BlackRock European CLO VI DAC transaction, according to a market source.

The CLO sold €235.6 million of class A-1 senior secured floating-rate notes at Euribor plus 87 basis points in the senior AAA tranche.

Citigroup Global Markets Ltd. was the placement agent.

Meanwhile, CELF Advisors LLP priced €410.25 million of notes in its second new European CLO this year.

Carlyle Euro CLO 2018-2 DAC sold €232 million of class A-1A senior secured floating-rate notes (Aaa//AAA) at Euribor plus 80 bps at the top of the capital structure.

Deutsche Bank AG, London Branch was the placement agent.

In other market action, TCW Asset Management Co. LLC refinanced $376 million of notes from a 2014 CLO.

The Figueroa CLO 2014-1, Ltd./Figueroa CLO 2014-1 LLC offering included $256 million of class A-R senior secured floating-rate notes at Libor plus 90 bps in the senior tranche.

Natixis Securities Americas LLC was the refinancing placement agent.

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