Alcentra, Palmer Square sell euro CLOs; Sculptor refinances notes; Assurant reprices

By Cristal Cody

Tupelo, Miss., Dec. 3 – New CLO deal volume includes a €303.1 million offering from Alcentra Ltd. in the manager’s first European broadly syndicated deal of the year.

Also, Palmer Square Europe Capital Management LLC issued €299.9 million of notes in its second static European CLO priced year to date.

In the refinancing space, two managers repriced notes from vintage CLOs.

Sculptor Loan Management LP refinanced $46.37 million of fixed-rate tranches from a 2012 CLO.

Assurant CLO Management LLC repriced $15 million of notes from a 2018 CLO.

Year to date, more than $31 billion of CLO notes have been refinanced, according to market sources.

New issue volume this year includes more than $70 billion of dollar-denominated broadly syndicated CLOs and over €20 billion of European volume.

Alcentra taps market

Alcentra priced €303.1 million of notes due Jan. 16, 2034 in the European CLO deal, according to market sources.

Jubilee CLO 2020-XXIV BV sold €181 million of the class A senior secured floating-rate notes at Euribor plus 107 basis points.

Merrill Lynch International was the placement agent.

The CLO is backed primarily by senior secured term loans and bonds.

Alcentra is a London-based global asset management firm and indirect subsidiary of BNY Alcentra Group Holding, Inc.

Palmer Square prices

Palmer Square Europe Capital Management issued €299.9 million of notes due Feb. 15, 2030 in its static European CLO, according to market sources.

Palmer Square European Loan Funding CLO 2020-2 DAC sold €197.4 million of the class A floating-rate notes at Euribor plus 87 bps.

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

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

Palmer Square Europe is a London-based affiliate of Palmer Square Capital, an investment management firm based in Leawood, Kan.

Sculptor refinances

In other action, Sculptor Loan Management priced $46,365,907 of notes in two parts in the partial refinancing of a 2012 CLO transaction, according to market sources.

OZLM Funding II, Ltd./OZLM Funding II, LLC sold $27,165,907 of 2.159% class A-1a-FR senior secured fixed-rate notes (Aaa/AAA) in the senior tranche.

In the original CLO that was issued Nov. 1, 2012, $27.17 million of 4.042% class A-1a-F notes were priced.

Citigroup Global Markets Inc. was the refinancing agent.

Sculptor Loan Management, formerly known as Och-Ziff Loan Management LP, is the CLO manager.

The notes are due July 30, 2031.

The CLO is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.

The New York-based firm is part of Sculptor Capital Management, Inc.

Assurant reprices notes

Assurant CLO Management repriced $15 million of notes due April 21, 2031 from the vintage 522 Funding CLO 2018-2(A) Ltd./522 Funding CLO 2018-2(A) LLC transaction, according to a notice of executed second supplemental indenture.

The CLO priced the class B-2 fixed-rate notes with a 2.615% coupon.

The notes were originally issued on April 18, 2018 with a 4.27% coupon.

Morgan Stanley & Co. LLC was the original placement agent.

The CLO is backed primarily by broadly syndicated first-lien senior secured loans.

Assurant CLO Management is a subsidiary of Assurant Investment Management, LLC.

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