Cairn refinances €246 million notes from refinanced CLO; European market active

By Cristal Cody

Tupelo, Miss., Oct. 20 – Cairn Loan Investments LLP refinanced €246 million of notes from a CLO that originally priced in 2013 and was reset in 2015.

The European CLO market has been active in October with refinanced offerings and new issuance, including Blackstone/GSO Debt Funds Management Europe Ltd.’s new €412.38 million CLO.

More than €20 billion of euro CLOs have been refinanced and or reset and more than €13 billion of new issue CLOs have priced year to date, market sources report.

Cairn refinances Cairn CLO

Cairn Loan Investments sold €246 million of notes due Oct. 20, 2028 in a refinancing of the Cairn CLO III BV transaction, according to a market source.

The CLO priced €181.5 million of class A-R senior secured floating-rate notes at Euribor plus 65 basis points in the senior tranche.

Credit Suisse Securities (Europe) Ltd. arranged the offering.

The CLO originally was issued on March 20, 2013 and was reset on Oct. 8, 2015.

The transaction is backed primarily by broadly syndicated first-lien senior secured corporate loans.

The CLO manager is based in London.

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