Oaktree sells €412.85 million CLO; Halcyon brings €361.4 million; GoldenTree refinances

By Cristal Cody

Tupelo, Miss., June 19 – Two CLO managers tapped the European CLO primary market with new deals for the first time this year.

Oaktree Capital Management (UK) LLP priced €412.85 million of notes in the manager’s first euro-denominated CLO offering since 2016.

Also, Halcyon Loan Advisors (UK) LLP priced a €361.4 million CLO in its first European deal of 2018. Halcyon brought two European CLOs to the primary market in 2017.

More than €11 billion of new issue euro-denominated CLOs have priced year to date, according to market sources.

Looking at new U.S. refinancing action, GoldenTree Asset Management LP sold $450 million of notes in a refinancing and reset of a 2012 CLO.

Oaktree taps market

Oaktree Capital Management (UK) priced €412.85 million of notes due 2031 in the Arbour CLO V Ltd. issue, according to a market source.

Arbour CLO V sold the €248 million of class A floating-rate notes at Euribor plus 82 basis points.

BofA Merrill Lynch was the placement agent.

London-based Oaktree Capital Management (UK) is an affiliate of Los Angeles-based Oaktree Capital Management, LP.

Halcyon brings 2018-1 CLO

Halcyon Loan Advisors (UK) priced €361.4 million of notes due Oct. 18, 2031 in its new deal on Friday, according to a market source.

Halcyon Loan Advisors European Funding 2018-1 DAC sold €206.5 million of class A-1 floating-rate notes at Euribor plus 84.5 bps at the top of the capital structure.

Citigroup Global Markets Ltd. was the placement agent.

The CLO manager is a subsidiary of New York City-based Halcyon Loan Management LLC.

GoldenTree resets 2012 CLO

GoldenTree Asset Management priced $450 million of notes in a refinancing and reset of the GoldenTree Credit Opportunities 2012-1 Financing, Ltd./GoldenTree Opportunities 2012-1 Financing, LLC deal, according to a market source and a notice of executed second supplemental indenture on Monday.

GoldenTree Credit Opportunities 2012-1 Financing sold $15 million of class A-1-R senior secured floating-rate notes at Libor plus 168 bps and $275 million of 4.604% class A-2-R senior secured fixed-rate notes in the senior tranches.

Wells Fargo Securities, LLC was the refinancing placement agent.

The maturity on the notes was reset to June 15, 2034 from the original June 15, 2024 maturity.

GoldenTree Credit Opportunities 2012-1 Financing was originally issued Aug. 30, 2012.

GoldenTree Asset Management has priced one new CLO and refinanced one vintage CLO year to date.

The New York City-based private investment firm priced two new CLOs and refinanced one vintage CLO in 2017.

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