Carlyle sells upsized €350 million European CLO, its first deal in area since 2008

By Cristal Cody

Tupelo, Miss., June 7 - Carlyle Group LP sold a €350 million collateralized loan obligation offering of notes due July 2025, upsized from €300 million, in its first offering in Europe since 2008, according to informed sources on Friday.

Carlyle Global Market Strategies Euro CLO 2013-1 B.V. was expected 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.

Final pricing terms were not immediately available.

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

Barclays Bank plc arranged the transaction.

CELF Advisors LLP, which independently advises Carlyle's European structured credit funds, is the CLO manager.

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