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Oaktree sells 412.85 million CLO; Halcyon brings 361.4 million; GoldenTree refinances
By Cristal Cody
Tupelo, Miss., June 19 Two CLO managers tapped the European CLO primary market with new deals for the first time this year.
Oaktree Capital Management (UK) LLP priced 412.85 million of notes in the managers first euro-denominated CLO offering since 2016.
Also, Halcyon Loan Advisors (UK) LLP priced a 361.4 million CLO in its first European deal of 2018. Halcyon brought two European CLOs to the primary market in 2017.
More than 11 billion of new issue euro-denominated CLOs have priced year to date, according to market sources.
Looking at new U.S. refinancing action, GoldenTree Asset Management LP sold $450 million of notes in a refinancing and reset of a 2012 CLO.
In its deal, Oaktree Capital Management (UK) priced 412.85 million of notes due 2031 in the Arbour CLO V Ltd. issue, according to a market source.
Arbour CLO V sold the 248 million of class A floating-rate notes at Euribor plus 82 basis points.
BofA Merrill Lynch was the placement agent.
Meanwhile, Halcyon Loan Advisors (UK) priced 361.4 million of notes due Oct. 18, 2031 in its new deal on Friday, according to a market source.
Halcyon Loan Advisors European Funding 2018-1 DAC sold 206.5 million of class A-1 floating-rate notes at Euribor plus 84.5 bps at the top of the capital structure.
Citigroup Global Markets Ltd. was the placement agent.
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