CELF, Intermediate Capital price euro CLOs; Investcorp sells CLO; refinancings active

By Cristal Cody

Tupelo, Miss., Feb. 20 – CELF Advisors LLP sold €409.8 million of notes in the manager’s first new euro-denominated CLO offering of the year.

Also in the European primary market, Intermediate Capital Managers Ltd. priced a €410.65 million new broadly syndicated CLO.

In the dollar-denominated primary market, details emerged on Investcorp Credit Management US LLC’s $408.05 million new CLO transaction.

Meanwhile, the refinancing space remains active.

Rockford Tower Capital Management, LLC priced $459.8 million of notes in a refinancing of a vintage 2017 CLO.

Coming up, Octagon Credit Investors, LLC plans to price a second refinancing of a 2013 CLO.

In addition, Neuberger Berman Investment Advisers LLC expects to price $437.75 million of notes in a refinancing of a 2017 CLO.

CELF prices €409.8 million

CELF Advisors sold €409.8 million of notes due in 2033 in the CLO offering, according to market sources.

Carlyle Global Market Strategies Euro CLO 2020-1 DAC priced €248 million of class A-1 floating-rate notes at Euribor plus 95 basis points at the top of the capital structure.

BNP Paribas Securities Corp. was the placement agent.

The CLO is collateralized primarily by senior secured loans and senior secured bonds.

CELF has priced one new euro CLO and refinanced one vintage euro CLO deal year to date.

The London-based manager is part of the Washington, D.C.-based Carlyle Group LP.

ICM prices €410.65 million

Intermediate Capital Managers priced €410.65 million of notes due April 15, 2033 in the St. Paul’s CLO XII DAC broadly syndicated CLO transaction, according to market sources.

St. Paul’s CLO XII sold €244 million of the class A floating-rate notes at Euribor plus 92 bps.

Citigroup Global Markets Ltd. was the placement agent.

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

Intermediate Capital Managers is a London-based investment management firm.

Investcorp taps market

Looking at the dollar market, Investcorp Credit Management US sold $408.05 million of notes due April 15, 2033 in the Jamestown CLO XV, Ltd. broadly syndicated CLO offering, according to market sources.

The CLO priced $256 million of class A floating-rate notes at Libor plus 134 bps in the AAA-rated tranche.

Barclays was the placement agent.

The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.

Investcorp is an investment firm with offices in London, New York and Singapore.

Rockford Tower prices

In refinancing activity, Rockford Tower Capital Management priced $459.8 million of notes due Oct. 15, 2029 in a refinancing of a vintage 2017 broadly syndicated CLO transaction, according to a notice of proposed supplemental indenture.

Rockford Tower CLO 2017-2, Ltd./Rockford Tower CLO 2017-2, LLC sold $319.8 million of the class A-R senior secured floating-rate notes at Libor plus 102 bps.

Citigroup Global Markets Inc. was the refinancing placement agent.

The original $506.3 million CLO transaction was issued on Sept. 8, 2017.

The CLO is collateralized primarily by broadly syndicated first-lien senior secured loans.

Rockford Tower Capital Management is a Delaware limited liability company.

Octagon to refinance notes

Octagon Credit Investors plans to price a second refinancing of a vintage 2013 CLO transaction, according to a notice of proposed fifth supplemental indenture.

The Octagon Investment Partners XV, Ltd./Octagon Investment Partners XV, LLC deal includes class X-R senior secured floating-rate notes (expected ratings Aaa/AAA), class A-1A-RR senior secured floating-rate notes (expected ratings Aaa/AAA), class A-1B-RR senior secured fixed-rate notes (expected ratings Aaa/AAA), class A-2-RR senior secured floating-rate notes (expected rating Aaa), class B-RR senior secured floating-rate notes (expected rating AA), class C-RR secured deferrable floating-rate notes (expected rating A), class D-RR secured deferrable floating-rate notes (expected rating BBB-) and class E-RR secured deferrable floating-rate notes (expected rating BB-).

Barclays is the refinancing placement agent.

The notes are due July 19, 2030.

The original CLO was issued on Feb. 20, 2013 and was first refinanced on July 19, 2017.

The New York-based credit investment firm is a subsidiary of Conning & Co.

Neuberger Berman eyed

Also, Neuberger Berman Investment Advisers plans to price $437.75 million of notes in a refinancing of the Neuberger Berman Loan Advisers CLO 24, Ltd./Neuberger Berman Loan Advisers CLO 24 LLC transaction, according to a notice of proposed first supplemental indenture.

The deal includes $318.5 million of class A-R senior secured floating-rate notes (expected ratings Aaa//AAA), $55 million of class B-R senior secured floating-rate notes (expected rating Aa2), $34.5 million of class C-R senior secured floating-rate notes (expected rating A2) and $29.75 million of class D-R senior secured floating-rate notes (expected rating Baa3).

Wells Fargo Securities, LLC is the refinancing placement agent.

The notes are due April 19, 2030.

The original $511.04 million offering was issued May 11, 2017.

The CLO is backed predominantly by broadly syndicated first-lien senior secured corporate loans.

The Chicago-based firm is part of Neuberger Berman Group, LLC.

© 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.