Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Review > Headlines for 2015 > News item |
Guggenheim brings CLO fixed-rate mezzanine notes; European volume to date 23.5 billion
By Cristal Cody
Tupelo, Miss., Nov. 13 Guggenheim Partners Europe Ltd. priced a 406.5 million CLO private placement offering of notes due Nov. 16, 2028 that included fixed-rate mezzanine tranches, according to a market source.
Year-to-date European CLO volume is about 23.5 billion priced in 37 deals, including broadly syndicated transactions and issuance backed by small and medium-sized enterprises, according to data compiled by Prospect News.
New European broadly syndicated CLO volume is about 11.3 billion so far in the year, according to BofA Merrill Lynch.
Market analysts forecast about 15 billion of euro-denominated broadly syndicated CLO issuance in 2015.
Guggenheim CLO eyed
Additional details emerged on Guggenheim Partners Europes 406.5 million CLO private placement offering of notes due Nov. 16, 2028 via Citigroup Global Markets Inc.
Cork Street CLO Designated Activity Co. priced 127.3 million of class A-1A senior secured floating-rate notes (Aaa//AAA) at Euribor plus 145 basis points in the senior tranche.
The mezzanine tranches included 24 million of 3.6% class B senior secured deferrable fixed-rate notes (A2//A); 21 million of 4.5% class C senior secured deferrable fixed-rate notes (Baa2//BBB) and 26 million of 6.2% class D senior secured deferrable fixed-rate notes (Ba2//BB).
Proceeds from the deal will be used to purchase a 400 million portfolio of European leveraged loans and bonds.
Guggenheim Partners Europe is a Dublin-based subsidiary of global asset manager Guggenheim Partners, LLC.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.