Partners Group brings €411.3 million CLO; euro supply active; TPG prices $432.9 million

By Cristal Cody

Tupelo, Miss., Jan. 28 – Partners Group (UK) Management Ltd. priced a new €411.3 million euro-denominated CLO offering on Tuesday.

The deal follows Investcorp Credit Management EU Ltd.’s €489.1 million Harvest CLO XXIII DAC offering priced on Monday. Investcorp sold €276.8 million of the CLO’s class A floating-rate notes at Euribor plus 95 basis points.

Additional European CLO supply is expected into February, market sources report.

Meanwhile, in the dollar-denominated market, TPG Institutional Credit Partners, LLC affiliate TICP CLO XV Management, LLC priced $432.9 million of notes in its first CLO offering of 2020.

In its deal, Partners Group (UK) Management priced €411.3 million of notes due Jan. 25, 2033 in the offering on Tuesday, according to market sources.

Penta CLO 7 DAC sold €248 million of the class A senior secured floating-rate notes at Euribor plus 96 bps.

Goldman Sachs International was the placement agent.

Meanwhile, TICP CLO XV Management sold $432.9 million of notes due April 20, 2033 in its transaction, according to market sources.

TICP CLO XV, Ltd./TICP CLO XV, LLC priced $267.75 million of class A floating-rate notes at Libor plus 128 bps at the top of the capital stack.

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

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