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.

In its deal, 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.

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