CVC closes on new €465.85 million CLO; Blackstone/GSO offers €409.4 million deal

By Cristal Cody

Tupelo, Miss., Sept. 7 – CVC Credit Partners Group Ltd. priced a €465.85 million new European CLO offering that closed on Friday, according to a market source.

Coming up in the primary market, Blackstone/GSO Debt Funds Management Europe Ltd. is marketing €409.4 million of notes for a new European transaction.

CLO managers have priced more than €19 billion of euro-denominated CLOs year to date, according to market sources.

CVC prices XI CLO

CVC Credit Partners Group priced €465.85 million of notes due Oct. 15, 2031 in the CVC Cordatus Loan Fund XI DAC transaction, according to a market source.

The deal included €271,125,000 of class A senior secured floating-rate notes (Aaa//AAA).

Barclays was the placement agent.

CVC Credit Partners European CLO Management LLP is the CLO manager.

The issue is backed primarily by euro-denominated senior secured loans and bonds.

CVC is the credit management arm of London-based private equity firm CVC Capital Partners Ltd.

Blackstone/GSO eyes deal

Blackstone/GSO Debt Funds Management Europe plans to price €409.4 million of notes due November 2031 in the Sutton Park CLO DAC transaction, according to a market source.

The deal includes €1.4 million of class X senior secured floating-rate notes (Aaa//AAA), €242 million of class A-1A senior secured floating-rate notes (Aaa//AAA), €4 million of class A-1B floating-rate notes (Aaa//AAA), €23 million of class A-2A floating-rate notes (Aa2//AA) and €20 million of class A-2B fixed-rate notes (Aa2//AA).

The CLO also plans to price €25 million of class B senior secured deferrable floating-rate notes (A2//A), €24 million of class C senior secured deferrable floating-rate notes (Baa3//BBB-), €22 million of class D senior secured deferrable floating-rate notes (Ba3//BB), €12 million of class E senior secured deferrable floating-rate notes (B2//B-) and €36 million of subordinated notes.

BNP Paribas, London Branch is the placement agent.

The deal is backed primarily by euro-denominated senior secured loans.

Dublin-based Blackstone/GSO Debt Funds Management Europe is a subsidiary of asset manager GSO Capital Partners LP.

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