Bain Capital sells €361.3 million; Carlyle 2016 Euro CLO reset; supply forecast eyed

By Cristal Cody

Tupelo, Miss., April 30 – European CLO new issue and refinancing action remains steady, according to sources on Monday.

Bain Capital Credit, Ltd. priced €361.3 million of notes in a new deal.

CELF Advisors LLP refinanced €448.6 million of notes from a 2016 CLO.

On Friday, Partners Group (UK) Management Ltd. priced the €413.2 million new Penta CLO 4 DAC transaction.

The European CLO primary market is expected to remain active “with issuance conditions generally looking attractive for managers,” BofA Merrill Lynch analysts said in a note released on Monday.

More than €9 billion of new issue euro-denominated CLOs have priced year to date, compared to €4.5 billion in the same time period in 2017, according to the note.

About €22 billion to €25 billion of new European CLO supply is forecast for the year, the BofA Merrill Lync analysts said.

In its deal, Bain Capital Credit priced €361.3 million of notes due 2032 in the Bain Capital Euro CLO 2018-1 DAC transaction, according to market sources on Monday.

The CLO sold €207.6 million of class A senior secured floating-rate notes at Euribor plus 78 basis points in the AAA-rated tranche.

J.P. Morgan Securities plc was the placement agent.

Bain Capital, a Boston-based asset management firm, is a subsidiary of Bain Capital LP.

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