CELF reprices €364.2 million; CSAM resets $1.03 billion CLO; Crestline closes reprint

By Cristal Cody

Tupelo, Miss., Oct. 23 – Refinancing action remains steady in the U.S. and European CLO markets.

CELF Advisors LLP repriced €364.2 million of notes in a reset of a 2014 CLO deal. Carlyle Global Market Strategies Euro CLO 2014-2 DAC sold €239.4 million of the class A-1-R senior secured floating-rate notes at par to yield Euribor plus 96 bps at the top of the capital stack.

Credit Suisse Asset Management, LLC closed Monday on a $1.03 billion reset and second refinancing of a 2014 vintage CLO transaction.

Also, Crestline Denali Capital, LP closed on its previously reported $310.24 million second refinancing of the Denali Capital CLO XI, Ltd./Denali Capital CLO XI LLC deal, according to a notice of executed second supplemental indenture.

The CLO priced $212.2 million of the class A-1-RR senior secured floating-rate notes at Libor plus 113 basis points.

The original $413.68 million CLO was issued March 5, 2015 and was first refinanced July 20, 2017.

In the original issuance, Denali Capital CLO XI sold $253.5 million of the class A-1 senior secured floating-rate notes at Libor plus 157 bps.

Natixis Securities Americas, LLC was the refinancing placement agent.

Year to date, more than $130 billion of dollar-denominated CLOs and more than €15 billion of euro-denominated CLOs have been refinanced, according to market sources.

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