Spire Partners prices €387.35 million new CLO; CQS refinances €287.8 million 2013 notes

By Cristal Cody

Tupelo, Miss., March 28 – Details emerged about a new CLO transaction that priced in the European primary market and a vintage refinanced euro-denominated CLO.

Spire Partners LLP tapped the primary market with a €387.35 million deal.

CQS Investment Management, Ltd. refinanced €287,875,000 of notes from a vintage 2013 CLO offering.

Refinancing action continues to outpace new deal volume in both the U.S. and European markets.

About €2 billion of new euro-denominated CLOs have priced year to date, while about €5.2 billion of vintage European CLOs have been refinanced in 2017, according to BofA Merrill Lynch.

Spire Partners priced €387.35 million of notes due April 15, 2030 in the new Aurium CLO III DAC transaction, according to a market source.

The CLO sold €220 million of class A senior secured floating-rate notes at par to yield Euribor plus 88 basis points in the senior tranche.

Barclays arranged the transaction.

In its deal, CQS Investment Management refinanced €287,875,000 of euro-denominated floating-rate notes due Oct. 20, 2026 from a vintage 2013 collateralized loan obligation transaction, according to a market source.

Grosvenor Place 2013-1 BV priced €202,125,000 of senior secured floating-rate notes at par to yield Euribor plus 93 bps in the class A-1R tranche.

Deutsche Bank AG, London Branch arranged the transaction.

CQS Investment Management originally priced the CLO on Oct. 31, 2013.

CQS is a global management asset firm based in London.

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