| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for Cairn Capital Ltd. > News item |
Europe market shows signs of activity; Cairn to refinance €306 million; euro CLO AAAs soft
By Cristal Cody
Tupelo, Miss., Oct. 8 – The European CLO primary market is showing signs of renewed action, according to market sources on Thursday.
Cairn Capital Ltd. intends to offer €306 million of new notes due Oct. 20, 2028 in the restructuring of its vintage 2013 Cairn CLO III BV transaction.
The market was quiet over the summer until KKR Credit Advisors (Ireland)’s late September €516.8 million Avoca CLO XV Ltd. deal.
European CLO AAA-rated notes has widened over the past weeks to the Euribor plus 140 basis points to Euribor plus 160 bps area, according to J.P. Morgan Securities LLC.
Year to date, CLO managers have priced €19.5 billion of European CLOs in 31 deals, according to Prospect News data.
Cairn preps refinancing deal
Cairn Capital intends to offer €306 million of new notes due Oct. 20, 2028 in the restructuring of its vintage 2013 Cairn CLO III BV transaction, according to a market source on Thursday.
The private placement deal is expected to include €181.5 million of AAA-rated notes; €28 million of AA-rated notes; €20 million of A-rated notes; €16.5 million of BBB-rated notes; €22 million of BB-rated notes; €8 million of notes rated B- and €30 million of non-rated subordinated notes.
The new notes will be backed primarily by a targeted €300 million portfolio of senior secured obligations.
Cairn Loan Investments LLP will manage the CLO after the refinancing.
The reinvestment period will end in 2019.
Cairn CLO III notified noteholders in September that it planned to issue new notes and appoint a new collateral manager for the transaction originally priced on Feb. 20, 2013.
Cairn Loan Investments, a London-based credit asset management firm, brought one euro-denominated CLO deal in 2014.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.