By Cristal Cody
Tupelo, Miss., Feb. 18 – CELF Advisors LLP priced €421.1 million of notes in a second refinancing of a vintage 2015 euro-denominated collateralized loan obligation offering, according to a market source and a notice to noteholders.
Carlyle Global Market Strategies Euro CLO 2015-1 DAC sold €1.1 million of class X senior secured floating-rate notes at par to yield Euribor plus 40 basis points, €279.1 million of class A-1-R senior secured floating-rate notes at par to yield Euribor plus 96 bps, €22.4 million of class A-2A-R senior secured floating-rate notes at par to yield Euribor plus 170 bps and €24 million of 2.05% class A-2B-R senior secured fixed-rate notes at par.
The CLO also priced €30 million of class B-R senior secured floating-rate notes at par to yield Euribor plus 220 bps, €27 million of class C-R senior secured deferrable floating-rate notes at par to yield Euribor plus 340 bps, €24.8 million of class D-R senior secured deferrable floating-rate notes at par to yield Euribor plus 550 bps and €12.7 million of class E-R senior secured deferrable floating-rate notes at 96.5 and a coupon of Euribor plus 803 bps.
Natixis SA was the refinancing agent.
CELF Advisors will continue to manage the CLO.
The maturity on the notes was extended to Jan. 16, 2033 from April 16, 2029.
The refinanced CLO also has an extended non-call period to but excluding April 16, 2022. The revised reinvestment period ends July 16, 2024.
In the original offering issued March 12, 2015, the CLO sold €273.5 million of class A-1A floating-rate notes at Euribor plus 125 bps; €5 million of class A-1B fixed-rate notes at 1.64%; €53.9 million of class A-2A floating-rate notes at Euribor plus 210 bps; €12 million of class A-2B fixed-rate notes at 2.54%; €28.6 million of class B floating-rate notes at Euribor plus 300 bps; €27.6 million of class C floating-rate notes at Euribor plus 390 bps; €28.6 million of class D floating-rate notes at Euribor plus 535 bps; €16.8 million of class E floating-rate notes at Euribor plus 745 bps and €54 million of subordinated notes.
The CLO was first refinanced on April 18, 2017 in a €400.6 million offering. In that deal, the CLO sold €273.5 million of class A-1A-R senior secured floating-rate notes at par to yield Euribor plus 78 bps, €5 million of 1.2% class A-1B-R senior secured fixed-rate notes at par, €53.9 million of class A-2A-R senior secured floating-rate notes at par to yield Euribor plus 135 bps, €12 million of 2% class A-2B-R senior secured fixed-rate notes, €28.6 million of class B-R senior secured deferrable floating-rate notes at par to yield Euribor plus 190 bps and €27.6 million of class C-R senior secured deferrable floating-rate notes at par to yield Euribor plus 285 bps.
Proceeds will be used to redeem the outstanding notes.
The CLO is collateralized primarily by euro-denominated broadly syndicated senior secured loans and bonds.
The London-based CLO manager is part of Washington, D.C.-based Carlyle Group LP.
| Issuer: | Carlyle Global Market Strategies Euro CLO 2015-1 DAC
|
| Amount: | €421.1 million refinancing
|
| Maturity: | Jan. 16, 2033
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Natixis SA
|
| Manager: | CELF Advisors LLP
|
| Call feature: | To but excluding April 16, 2022
|
| Pricing date: | Feb. 3
|
| Settlement date: | Feb. 21
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X notes
|
| Amount: | €1.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 40 bps
|
| Price: | Par
|
| Rating: | Fitch: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | €279.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 96 bps
|
| Price: | Par
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2A-R notes
|
| Amount: | €22.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Price: | Par
|
| Rating: | Fitch: AA
|
|
|
| Class A-2B-R notes
|
| Amount: | €24 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.05%
|
| Price: | Par
|
| Rating: | Fitch: AA
|
|
|
| Class B-R notes
|
| Amount: | €30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 220 bps
|
| Price: | Par
|
| Rating: | Fitch: A
|
|
|
| Class C-R notes
|
| Amount: | €27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 340 bps
|
| Price: | Par
|
| Rating: | Fitch: BBB-
|
|
|
| Class D-R notes
|
| Amount: | €24.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 550 bps
|
| Price: | Par
|
| Rating: | Fitch: BB-
|
|
|
| Class E-R notes
|
| Amount: | €12.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 803 bps
|
| Price: | 96.5
|
| Rating: | Fitch: B-
|
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