Spire refinances €246.5 million CLO; BlackRock brings deal; HPS offers €411 million CLO

By Cristal Cody

Tupelo, Miss., April 25 – The European CLO primary and refinancing spaces are active with new transactions in April.

Spire Partners LLP priced €246.5 million of notes in a refinancing of a vintage 2015 CLO.

BlackRock Investment Management (UK) Ltd. priced a new euro-denominated CLO transaction, Blackrock European CLO III DAC, via Barclays, according to a market source. Final pricing details were not available by press time.

Looking to new supply, HPS Investment Partners CLO (UK), LLP plans to price €411 million of euro-denominated notes.

In its deal, Spire Partners priced €246.5 million of notes due April 26, 2029 in the Aurium CLO I DAC transaction, a refinancing of the vintage 2015 Aurium CLO I Ltd. deal, according to a market source.

The CLO sold €179.5 million of class A-R senior secured floating-rate notes at Euribor plus 80 basis points in the senior tranche.

In the original Aurium CLO I transaction priced on March 3, 2015, the CLO sold €179.5 million of class A senior secured floating-rate notes at Euribor plus 130 bps.

Proceeds will be used to redeem the original class A, B, C and D notes.

The CLO is backed primarily by senior secured loans or senior secured bonds.

Spire Partners is a fund management firm based in London.

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