Ares prices €463.25 million; Tikehau, Sound Point bring European CLOs; euro volume eyed

By Cristal Cody

Tupelo, Miss., Aug. 8 – Details emerged on new CLOs priced in the European primary market with deal volume in July noted as the third-highest on record.

Ares European Loan Management LLP priced €463.25 million of notes in its second CLO offering of the year.

Meanwhile, Tikehau Capital Europe Ltd. priced a €451.8 million CLO in the manager’s first new issue deal of the year.

Sound Point Capital Management LP affiliate Sound Point CLO C-MOA, LLC brought a €406.75 million CLO deal to the primary market. The latest transaction is the manager’s second new issue CLO this year.

More than €20 billion of new euro-denominated CLOs have priced year to date, market sources report.

Euro-denominated CLO volume totaled more than €5 billion in July and was the highest monthly volume on record since the financial crisis and the third highest on record – behind totals in December 2006 and April 2007, according to research reports from BofA and Wells Fargo Securities, LLC.

Ares prints CLO XII

Ares European Loan Management priced €463.25 million of notes due 2032 in the Ares European CLO XII BV offering, according to a market source.

Ares European CLO XII sold €279 million of the class A senior secured floating-rate notes at par to yield Euribor plus 108 basis points.

BofA Securities, Inc. was the placement agent.

The CLO is backed mainly by euro-denominated senior secured loans and senior secured bonds.

Ares European Loan Management is an asset management firm based in London.

Tikehau prices

Tikehau Capital Europe priced €451.8 million of notes due 2032 in the new CLO offering, according to a market source.

Tikehau CLO V BV priced €272.8 million of class A senior secured deferrable floating-rate notes at par to yield Euribor plus 110 bps at the top of the capital stack.

Natixis, London Branch was the placement agent.

The offering is backed mainly by euro-denominated senior secured obligations.

Tikehau Capital has priced one new CLO and refinanced one vintage CLO year to date.

The investment firm is based in London.

Sound Point sells CLO

Sound Point CLO C-MOA priced €406.75 million of notes due in September 2032 in the new Sound Point Euro CLO II Funding DAC transaction, according to a market source.

The CLO sold €248 million of the AAA-rated class A senior secured floating-rate notes at Euribor plus 111 bps.

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

The deal is collateralized primarily by broadly syndicated senior secured corporate loans and bonds.

Sound Point Capital has priced two new euro-denominated CLOs year to date.

The asset management firm is based in New York.

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