KKR prices €458.35 million CLO; CIFC taps Europe; LCM refinances $352 million CLO

By Cristal Cody

Tupelo, Miss., Feb. 26 – European CLO pricing action is heating up this week with two new deals priced in the primary market.

KKR Credit Advisors (Ireland) Unlimited Co. brought €458.35 million of notes in a new CLO offering.

Also, CIFC Asset Management LLC affiliate CIFC CLO Management LLC priced a euro-denominated CLO via Barclays, a source said.

CIFC sold €415.7 million of notes in the CIFC European Funding CLO II DAC transaction. Final pricing details were not immediately available.

In other deal action, LCM Asset Management LLC sold $352 million of notes in a refinancing of a vintage 2016 CLO.

In its deal, KKR Credit Advisors priced €458.35 million of notes due April 15, 2033 in the Avoca CLO XXI DAC deal, according to market sources.

The CLO sold €123 million of class A-1 floating-rate notes at Euribor plus 89 basis points at the top of the capital structure.

Separately, LCM Asset Management sold $352 million of notes due Oct. 20, 2029 in a refinancing of the LCM XXIII Ltd. offering, according to market sources.

The CLO priced $252.25 million of class A-1-R floating-rate notes at Libor plus 107 bps at the top of the capital stack.

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