By Cristal Cody
Tupelo, Miss., April 6 – CELF Advisors LLP priced €400.6 million of fixed- and floating-rate notes due April 16, 2029 in a refinancing of a vintage 2015 euro-denominated collateralized loan obligation offering, according to a market source.
Carlyle Global Market Strategies Euro CLO 2015-1 DAC sold €273.5 million of class A-1A-R senior secured floating-rate notes at par to yield Euribor plus 78 basis points, €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.
Barclays was the refinancing agent.
CELF Advisors will continue to manage the CLO.
The deal is collateralized primarily by euro-denominated broadly syndicated senior secured loans and bonds.
In the original offering priced in February 2015, the Carlyle Global Market Strategies Euro CLO 2015-1, Ltd. vehicle 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.
Proceeds from the offering will be used to redeem the original notes.
The deal is backed primarily by senior secured obligations.
CELF Advisors was in the primary market in 2016 with two new CLOs and two refinanced CLO transactions.
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: | €400.6 million refinancing
|
| Maturity: | April 16, 2029
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Barclays
|
| Manager: | CELF Advisors LLP
|
| Pricing date: | March 29
|
| Settlement date: | April 18
|
|
|
| Class A-1A-R notes
|
| Amount: | €273.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 78 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-1B-R notes
|
| Amount: | €5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.2%
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2A-R notes
|
| Amount: | €53.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 135 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class A-2B-R notes
|
| Amount: | €12 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | €28.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 190 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class C-R notes
|
| Amount: | €27.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 285 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
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