By Cristal Cody
Tupelo, Miss., Dec. 12 – CELF Advisors LLP priced €618.5 million of notes in a refinancing and reset of a 2015 euro-denominated collateralized loan obligation offering, according to a market source.
Carlyle Euro CLO 2015-3 DAC sold €6 million of class X senior secured floating-rate note at Euribor plus 40 basis points, €344 million of refinancing class A-1A senior secured floating-rate notes at Euribor plus 75 bps; €10 million of 1.15% refinancing class A-1B senior secured fixed-rate notes, €52.2 million of refinancing class A-2A senior secured floating-rate notes at Euribor plus 120 bps and €15 million of 1.9% refinancing class A-2B senior secured fixed-rate notes.
The CLO also priced €57.6 million of refinancing class B senior secured deferrable floating-rate notes at Euribor plus 165 bps; €16.4 million of refinancing class C-1 senior secured deferrable floating-rate notes at Euribor plus 255 bps; €10 million of refinancing class C-2 senior secured deferrable floating-rate notes at Euribor plus 280 bps; €33.6 million of refinancing class D senior secured deferrable floating-rate notes at Euribor plus 470 bps; €18.6 million of refinancing class E senior secured deferrable floating-rate notes at Euribor plus 644 bps and the original €55.1 million of subordinated notes.
Morgan Stanley & Co. International plc arranged the transaction.
CELF Advisors will continue to manage the CLO.
The maturity on the refinanced notes was extended to July 15, 2030 from the original Jan. 15, 2029 maturity.
CELF originally priced the €517 million CLO on Dec. 4, 2015. The CLO sold €285 million of class A-1 senior secured floating-rate notes at Euribor plus 150 bps; €75.6 million of class A-2 senior secured floating-rate notes at Euribor plus 210 bps; €33.8 million of class B senior secured deferrable floating-rate notes at Euribor plus 315 bps; €20.6 million of class C senior secured deferrable floating-rate notes at Euribor plus 400 bps; €31.2 million of class D senior secured deferrable floating-rate notes at Euribor plus 555 bps; €15.7 million of class E senior secured deferrable floating-rate notes at Euribor plus 685 bps and €55.1 million of subordinated notes.
Proceeds will be used to redeem the original notes.
The deal is collateralized primarily by euro-denominated broadly syndicated first-lien senior secured corporate loans.
CELF Advisors has refinanced four vintage CLOs year to date.
In 2016, CELF Advisors was in the primary market with two refinanced CLOs.
The London-based CLO manager is part of Washington, D.C.-based Carlyle Group LP.
| Issuer: | Carlyle Euro CLO 2015-3 DAC
|
| Amount: | €618.5 million refinancing
|
| Maturity: | July 15, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. International plc
|
| Manager: | CELF Advisors LLP
|
| Settlement date: | Jan. 15
|
|
|
| Class X notes
|
| Amount: | €6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 40 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Refinancing class A-1A notes
|
| Amount: | €344 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 75 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Refinancing class A-1B notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.15%
|
| Rating: | Moody’s: Aaa
|
|
|
| Refinancing class A-2A notes
|
| Amount: | €52.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 120 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Refinancing class A-2B notes
|
| Amount: | €15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.9%
|
| Rating: | Moody’s: Aa2
|
|
|
| Refinancing class B notes
|
| Amount: | €57.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 165 bps
|
| Rating: | Moody’s: A2
|
|
|
| Refinancing class C-1 notes
|
| Amount: | €16.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 255 bps
|
| Rating: | Moody’s: Baa2
|
|
|
| Refinancing class C-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 280 bps
|
| Rating: | Moody’s: Baa2
|
|
|
| Refinancing class D notes
|
| Amount: | €33.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 470 bps
|
| Rating: | Moody’s: Ba2
|
|
|
| Refinancing class E notes
|
| Amount: | €18.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 644 bps
|
| Rating: | Moody’s: B2
|
|
|
| Equity
|
| Amount: | €55.1 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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