Bain Capital prices €385.8 million CLO: Greystone Bridge Lending brings CRE CLO

By Cristal Cody

Tupelo, Miss., Oct. 3 – Bain Capital Credit U.S. CLO Manager, LLC tapped the European CLO primary market with its second deal of the year.

The CLO manager priced €385.8 million of notes in the transaction.

Euro-denominated CLO volume is expected to pick up over the next few weeks, a source said.

Year to date, CLO managers have sold more than €21 billion of CLOs.

In other deal action, Greystone Bridge Lending Fund Manager LLC priced a $300 million commercial real estate CLO offering.

In its deal, Bain Capital Credit U.S. CLO Manager priced €385.8 million of notes due Jan. 20, 2032 in the Bain Capital Euro CLO 2018-2 DAC transaction, according to a market source.

The CLO sold €232.5 million of the class A senior secured floating-rate notes at Euribor plus 100 basis points.

Goldman Sachs International was the placement agent.

Separately, Greystone Bridge Lending Fund Manager priced $300 million of floating-rate notes and preferred shares due Sept. 15, 2028 in a commercial real estate CLO deal, according to a market source and a press release.

The Greystone Commercial Real Estate Notes 2018-HC1, Ltd. transaction is backed by first-lien commercial mortgages in health care facilities, skilled nursing facilities, assisted living facilities and combination skilled nursing/assisted living facilities.

J.P. Morgan Securities LLC was the arranger.

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