GoldenTree brings European CLO; Westcott Park prices; new issue spreads tighten in June

By Cristal Cody

Eureka Springs, Ark., June 15 – CLO managers priced a new deal in each of the European and U.S. primary markets.

GoldenTree Asset Management LP raised €407.24 million in a euro-denominated CLO deal.

In new U.S. dollar issuance, GSO/Blackstone Debt Funds Management LLC priced $649.29 million of notes due July 20, 2028 in the Westcott Park CLO, Ltd./Westcott Park CLO LLC transaction, according to a market source. Wells Fargo Securities, LLC was the placement agent. Final pricing details were not available by press time.

New issue spreads for U.S. CLO deals continue to tighten in June following new issuance over the previous week, Bjarni Torfason, an analyst with Deutsche Bank Securities Inc., said in a note on Wednesday.

“The tighter end of the new issue spread spectrum was solidified as three of the deals were issued by three larger and highly regarded managers,” Torfason said. “At the AAA level two of the deals priced at L+153 [basis points] and the third at L+154. For the AAs two priced at discount margins of L+210 and the third at L+215. At all levels these are the tightest we have seen for a number of months.”

GoldenTree Asset Management priced €407.24 million of notes due July 20, 2029 in the Laurelin 2016-1 DAC deal, according to a market source.

Laurelin 2016-1 sold €221 million of class A senior secured floating-rate notes at Euribor plus 130 bps in the senior tranche.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.