GoldenTree Asset Management prices euro CLO; Funding Circle closes £243.54 million deal

By Cristal Cody

Tupelo, Miss., July 17 – The global CLO market continues to be active with two new euro- and British sterling-denominated deals.

GoldenTree Asset Management LP priced €402.06 million of notes in the manager’s first euro CLO offering priced this year.

Meanwhile, Funding Circle Ltd. closed Wednesday on a £243.54 million offering of notes in the manager’s second sterling-denominated securitization transaction this year.

In other action, Five Arrows Managers North America LLC refinanced $275.5 million of notes from a vintage 2016 broadly syndicated CLO.

In other activity on Wednesday, CIFC Asset Management LLC closed on its previously reported $510.6 million CIFC Funding 2019-IV, Ltd. broadly syndicated CLO offering that priced in June.

GoldenTree prices

GoldenTree Asset Management priced €402.06 million of notes due Jan. 20, 2032 in the new CLO transaction, according to a market source.

GoldenTree Loan Management EUR CLO 3 DAC sold €248 million of the class A senior secured floating-rate notes at Euribor plus 112 basis points.

Barclays was the placement agent.

The deal is backed mostly by senior secured loans and bonds.

GoldenTree Asset Management priced two new euro-denominated CLOs in 2018.

The private investment firm is based in New York City.

Funding Circle sells notes

Funding Circle closed Wednesday on £243,539,000 of notes due March 2028 in the Small Business Origination Loan Trust 2019-2 DAC transaction, according to a market source.

The offering included £150,773,000 of class A floating-rate asset-backed notes (Aa3/AA).

Deutsche Bank AG, London Branch was the placement agent.

Funding Circle will manage the securities, which are collateralized by small- and medium-sized enterprise business loans originated through its online lending platform.

The CLO manager has priced two SME-backed deals year to date.

Funding Circle is a London-based peer-to-peer lending marketplace for investors and small and medium-sized businesses.

Five Arrows refinances

Five Arrows Managers North America refinanced $275.5 million of notes due July 2028 from the vintage 2016 Ocean Trails CLO VI/Ocean Trails CLO VI LLC transaction, according to a market source.

The CLO priced $190 million of class A-R floating-rate notes at Libor plus 115 bps at the top of the capital structure.

Natixis Securities Americas LLC arranged the transaction.

In the original $305.5 million deal issued June 15, 2016, the CLO sold $130.48 million of class A-1 floating-rate notes at Libor plus 175 bps, $52.64 million of class A-2A floating-rate notes at Libor plus 169 bps and $6.88 million of class A-2B floating-rate notes at Libor plus 210 bps in the senior tranches.

Proceeds were used to redeem the outstanding notes.

Five Arrows Managers is a Los Angeles-based investment manager and subsidiary of Rothschild North America Holdings, Inc.

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