Guidance emerges on Carlyle Group's €300 million CLO offering set to price in June

By Cristal Cody

Tupelo, Miss., June 3 - Additional guidance details emerged for Carlyle Group LP's previously announced €300 million offering of European collateralized loan obligation notes due July 2025, which is expected to price within the first two weeks of June, according to informed sources.

Carlyle Global Market Strategies Euro CLO 2013-1 BV plans to sell €180 million of class A floating-rate notes (/AAA/) talked at six-month Euribor plus 180 basis points; €33 million of class B fixed-rate notes (/AA/) talked with a 2.9% coupon; €17 million of class C fixed-rate notes (/A/) talked with a 4% coupon; €13 million of class D floating-rate notes (/BBB/) talked at six-month Euribor plus 400 bps; €21 million of class E floating-rate notes (/BB/) talked at six-month Euribor plus 575 bps; and $36 million of subordinated notes.

The cash-flow CLO is backed by a revolving pool of broadly syndicated senior secured loans and bonds.

Barclays Bank plc will arrange the transaction.

CELF Advisors LLP will be the CLO manager. Carlyle's European structured credit funds are independently advised by CELF Advisors.

The deal will be the Washington, D.C.-based global alternative asset manager's first European CLO offering since 2008.

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