Alcentra prints €414.5 million; third European CLO to price post-Brexit; pipeline grows

By Cristal Cody

Eureka Springs, Ark., July 19 – Alcentra Ltd. priced €414.5 million of notes in the firm’s first CLO deal of the year and the primary market’s third euro-denominated deal since Brexit.

Nearly €8 billion of CLOs have priced year to date, according to Prospect News data.

More European transactions are expected to price over the next few weeks, sources report.

3i Debt Management Investments Ltd. is in the pipeline with the €411 million Harvest CLO XVI DAC offering via Credit Suisse Securities (Europe) Ltd.

Alcentra priced €414.5 million of notes due Oct. 15, 2029 in the Jubilee CLO 2016-XVII BV transaction, according to a market source.

The CLO sold €244 million of class A senior secured floating-rate notes at Euribor plus 125 basis points in the senior tranche.

Morgan Stanley & Co. International plc arranged the deal.

The CLO is backed primarily by euro-denominated senior secured loans and senior secured floating-rate notes.

Proceeds from the transaction will be used to purchase a portfolio of €400 million of mostly European leveraged loans and bonds.

Alcentra priced two euro-denominated CLO offerings in 2015.

The London-based global asset management firm is an indirect subsidiary of BNY Alcentra Group Holding, Inc.

© 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.