BlackRock prices €415.9 million European CLO; Columbia Management refinances U.S. deal

By Cristal Cody

Tupelo, Miss., April 26 – Details emerged about CLO issuance in the U.S. and European markets.

BlackRock Investment Management (UK) Ltd. priced €415.9 million of notes in a new euro-denominated deal.

Columbia Management Investment Advisors, LLC refinanced $373.25 million of notes from a 2014 CLO.

In its deal, BlackRock Investment Management (UK) priced €415.9 million of notes due April 15, 2030 in the BlackRock European CLO III DAC transaction, according to a market source.

The CLO sold €233 million of class A floating-rate notes at par to yield Euribor plus 85 basis points in the AAA-rated tranche.

Barclays arranged the transaction.

The deal is backed primarily by euro-denominated broadly syndicated senior secured loans and bonds.

BlackRock Investment Management (UK) is a London-based subsidiary of BlackRock, Inc.

Meanwhile, Columbia Management Investment Advisors refinanced $373.25 million of notes due Jan. 25, 2026 from the Cent CLO 20 Ltd./Cent CLO 20 Corp. deal, according to a notice of executed supplemental indenture on Tuesday.

Cent CLO 20 sold $285 million of class A-R floating-rate notes at Libor plus 110 bps at the top of the capital structure.

BofA Merrill Lynch arranged the refinancing.

In the $418.25 million transaction issued on Jan. 15, 2014, the CLO originally sold the $285 million tranche of class A senior secured floating-rate notes at Libor plus 148 bps.

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