European primary active; BlackRock offers €466.1 million CLO, its second deal of year

By Cristal Cody

Tupelo, Miss., Oct. 4 – The European collateralized loan obligation market is continuing to see action after a summer lull.

BlackRock Investment Management (UK) Ltd. is offering a €466.1 million new CLO, the firm’s second deal of 2017.

In the previous week, Investcorp Credit Management EU Ltd. priced €417.25 million of notes in a refinancing and reset of a 2015 CLO transaction.

Year to date, about €30 billion of new, refinanced and reset euro-denominated CLOs have priced, according to market sources.

BlackRock Investment Management (UK) plans to price €466.1 million of notes due 2030 in the BlackRock European CLO IV DAC transaction, according to a market source.

The deal includes €270 million of class A floating-rate notes (Aaa/AAA/), €38.5 million of class B-1 senior secured floating-rate notes (Aa2/AA/), $20 million of class B-2 senior secured fixed-rate notes (Aa2/AA/), €27 million of class C senior secured deferrable floating-rate notes (A2/A/), €22.5 million of class D senior secured deferrable floating-rate notes (Baa2/BBB/), €25.4 million of class E senior secured deferrable floating-rate notes (Ba2/BB/), €13.9 million of class F senior secured deferrable floating-rate notes (B2/B-/) and €48.8 million of subordinated notes.

Credit Suisse Securities (Europe) Ltd. is the placement agent.

BlackRock has priced one euro-denominated CLO year to date.

The investment management firm is a London-based subsidiary of BlackRock, Inc.

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