Intermediate Capital Managers prices €407.85 million; Blackstone/GSO refinances CLO

By Cristal Cody

Tupelo, Miss., April 17 – The European CLO deal market remains active in April with details out on a new issuance and a refinancing.

Intermediate Capital Managers Ltd. priced €407.85 million of notes in the new European CLO.

Blackstone/GSO Debt Funds Management Europe Ltd. refinanced €501.25 million of notes from a 2016 CLO transaction.

More than €7 billion of new euro-denominated CLOs and more than €5 billion of refinanced CLOs have priced year to date, according to BofA Merrill Lynch data released on Monday.

Intermediate Capital Managers priced €407.85 million of notes due 2030 in the St. Paul’s CLO IX DAC transaction, according to a market source.

The CLO sold €245 million of class A floating-rate notes at Euribor plus 85 basis points in the senior tranche.

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

Meanwhile, Blackstone/GSO Debt Funds Management Europe priced €501.25 million of notes due April 16, 2029 at par in a refinancing of the vintage 2016 Elm Park CLO DAC transaction, according to a market source.

The CLO priced €324.5 million of class A-1-R senior secured floating-rate notes at Euribor plus 62 bps at the top of the capital stack.

Barclays arranged the offering.

The original €558.15 million CLO was issued May 26, 2016. The CLO had priced €324.5 million of the class A-1 senior secured floating-rate notes at Euribor plus 150 bps.

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