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CELF prices second new euro CLO; Blackstone/GSO refinances fifth vintage CLO year to date
By Cristal Cody
Tupelo, Miss., June 28 The European CLO markets are seeing some deal action in June from new issuance and refinancings.
CELF Advisors LLP priced 462.6 million of notes in the CLO managers second new CLO of the year.
Blackstone/GSO Debt Funds Management Europe Ltd. refinanced 330.5 million of notes from a vintage 2015 CLO. Blackstone/GSO has refinanced five CLO transactions year to date.
More than 8 billion of new euro-denominated CLOs have priced so far in 2017, while more than 10 billion of vintage European CLOs have been refinanced year to date, according to market sources.
CELF prices 462.6 million
CELF Advisors priced 462.6 million of notes due Aug. 15, 2030 in a new euro-denominated CLO offering, according to market sources.
Carlyle Euro CLO 2017-2 DAC sold 266 million of class A-1 senior secured floating-rate notes at Euribor plus 83 basis points in the AAA-rated tranche.
Citigroup Global Markets Ltd. was the placement agent.
CELF Advisors has priced two new euro CLOs and refinanced two vintage CLOs year to date.
In 2016, CELF Advisors was in the primary market with two new CLOs and two refinanced CLOs.
The London-based CLO manager is part of Washington, D.C.-based Carlyle Group LP.
Blackstone/GSO refinances
Blackstone/GSO Debt Funds Management Europe refinanced 330.5 million of notes due April 28, 2029 in the Dartry Park CLO DAC transaction, according to a market source.
The CLO sold 238 of class A-1A-R senior secured floating-rate notes at Euribor plus 83 bps at the top of the capital structure.
In the original 411.1 million transaction priced on Feb. 18, 2015, the CLO sold the 238 million tranche of class A-1A senior secured floating-rate notes at Euribor plus 130 bps.
BNP Paribas, London Branch was the refinancing agent.
Blackstone/GSO has priced two new euro-denominated CLOs and refinanced five vintage CLOs year to date.
In the previous year, Blackstone/GSO priced three new European CLOs.
The Dublin-based manager is an affiliate of Blackstone Group LP.
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