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BNP prices €361.65 million; CreekSource refinances $364.6 million 2014 CLO notes
By Cristal Cody
Tupelo, Miss., July 21 – BNP Paribas Asset Management France SAS tapped the European CLO primary market with a €361.65 million deal.
Less than €10 billion of new euro-denominated CLOs have priced year to date, according to market sources.
In U.S. deal action, CreekSource LLC refinanced $364.6 million of notes in a reset of a 2014 CLO.
Nearly $100 billion of dollar-denominated CLOs have been refinanced year to date, sources report.
BNP prices euro CLO
BNP Paribas Asset Management France sold €361.65 million of notes due Oct. 5, 2031 in the new CLO, according to a market source on Friday.
BNPP AM Euro CLO 2017 BV priced €215.25 million of class A senior secured floating-rate notes at Euribor plus 91 basis points at the top of the capital structure.
BNP Paribas, London Branch was the placement agent.
BNP Paribas Asset Management France is a Paris-based subsidiary of BNP Paribas Investment Partners SA.
CreekSource resets CLO
CreekSource sold $364.6 million of notes due July 2030 in a refinancing and reset of a 2014 CLO, according to a market source and a notice of executed first supplemental indenture on Thursday.
Silver Creek CLO, Ltd./Silver Creek CLO LLC priced $225.4 million of class A-R senior secured floating-rate notes at Libor plus 124 bps in the senior tranche.
J.P. Morgan Securities LLC arranged the deal.
The maturity on the refinanced notes was extended to July 20, 2030 from the original July 20, 2026 maturity.
In the original $362.5 million transaction priced on June 25, 2014, the CLO sold $236.25 million of class A senior secured floating-rate notes at Libor plus 149 bps.
CreekSource is an affiliate of Carmel, Ind.-based investment management firm 40|86 Advisors, Inc.
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