By Cristal Cody
Tupelo, Miss., Feb. 6 – CELF Advisors LLP priced €373.2 million of notes in a refinancing and reset of a vintage 2013 euro-denominated collateralized loan obligation offering, according to a market source.
Carlyle Global Market Strategies Euro CLO 2013-1 BV sold €236 million of class A-1-R floating-rate notes at Euribor plus 98 basis points and €56 million of class A-2-R floating-rate notes at Euribor plus 155 bps.
The CLO also sold €24 million of class B-R floating-rate notes at Euribor plus 235 bps; €23 million of class C-R floating-rate notes at Euribor plus 350 bps; €20 million of class D-R floating-rate notes at Euribor plus 575 bps; €10 million of class E-R floating-rate notes at Euribor plus 750 bps and an additional €4.2 million of subordinated notes as equity.
Credit Suisse Securities (Europe) Ltd. was the refinancing agent.
CELF Advisors will continue to manage the CLO.
The maturity on the new notes was extended to April 15, 2030 from the original Aug. 15, 2025 due date.
The refinanced CLO will have a two-year non-call period and a four-year reinvestment period.
The deal is collateralized primarily by euro-denominated broadly syndicated senior secured loans and bonds.
Proceeds from the offering will be used to redeem the original notes.
CELF Advisors was last in the market in 2016 with two new CLOs and two refinanced CLO transactions.
The London-based CLO manager is part of Washington, D.C.-based Carlyle Group LP.
| Issuer: | Carlyle Global Market Strategies Euro CLO 2013-1 BV
|
| Amount: | €373.2 million refinancing
|
| Maturity: | April 15, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (Europe) Ltd.
|
| Manager: | CELF Advisors LLP
|
| Call feature: | Two years
|
| Pricing date: | Feb. 2
|
| Settlement date: | Feb. 15
|
|
|
| Class A-1-R notes
|
| Amount: | €236 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 98 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | €56 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 155 bps
|
| Ratings: | Moody’s: Aa2 expected
|
| S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | €24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 235 bps
|
| Ratings: | Moody’s: A2 expected
|
| S&P: A
|
|
|
| Class C-R notes
|
| Amount: | €23 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 350 bps
|
| Ratings: | Moody’s: Baa2 expected
|
| S&P: BBB
|
|
|
| Class D-R notes
|
| Amount: | €20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 575 bps
|
| Ratings: | Moody’s: Ba2 expected
|
| S&P: BB
|
|
|
| Class E-R notes
|
| Amount: | €10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 750 bps
|
| Ratings: | Moody’s: B2 expected
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | €4.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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