Intermediate Capital eyes €360 million deal; Carlyle European CLO in 'premarketing phase'

By Cristal Cody

Tupelo, Miss., Feb. 10 - Intermediate Capital Group plc is underway with plans to offer a new €360 million collateralized loan obligation offering in the European market, according to an informed source.

The Carlyle Group LP also has a €300 million European CLO deal, Carlyle Global Market Strategies Euro CLO 2014-1, Ltd., which is expected to price later in February, according to a source.

The Carlyle deal is in the "premarketing phase," the source said.

In the U.S. CLO market, CIFC Asset Management LLC priced a $621.9 million deal on Thursday, according to an informed source.

Final pricing details on the CIFC Funding 2014 Ltd./CIFC Funding 2014 LLC transaction were not available by press time.

CLO issuance stands at $4.3 billion year to date, a source said.

New CLO AAA tranches have priced on average at Libor plus 150 basis points.

"It feels status quo at the moment," one source said of AAA spreads.

ICG markets €360 million CLO

Intermediate Capital Group plans to price the €360 million St. Paul's CLO IV Ltd. deal late in the month, a source said.

Deutsche Bank AG, London Branch is the placement agent.

Intermediate Capital Managers, Ltd., a subsidiary of Intermediate Capital Group, will manage the CLO.

Intermediate Capital Group priced two European CLOs in 2013, including the €400 million St. Paul's CLO II Ltd. transaction in July and the €556.5 million St. Paul's CLO III Ltd. deal in November.

The investment firm is based in London.

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