By Cristal Cody
Tupelo, Miss., Feb. 24 - Carlyle Group LP priced an upsized €375 million European collateralized loan obligation in a private placement deal, according to informed sources on Monday.
Carlyle Global Market Strategies Euro CLO 2014-1, Ltd. sold €218.25 million of class A senior secured floating-rate notes (Aaa//AAA) at Euribor plus 140 basis points at the top of the capital structure.
The CLO also priced €40 million of class B senior secured floating-rate notes (Aa2//AA) at Euribor plus 200 bps; €19.35 million of class C senior secured deferrable floating-rate notes (A2//A+) at Euribor plus 265 bps; €17 million of class D senior secured deferrable floating-rate notes (Baa2//BBB+) at Euribor plus 355 bps; €31.6 million of class E senior secured deferrable floating-rate notes (Ba2//BB) at Euribor plus 500 bps; €10.9 million of class F senior secured deferrable floating-rate notes (B2//B-) at Euribor plus 550 bps and €37.9 million of subordinated notes.
Credit Suisse Securities (Europe) Ltd. arranged the transaction.
The CLO deal was upsized from about €300 million.
CELF Advisors LLP, a member of the Carlyle Group, will manage the CLO, which is backed primarily by senior secured corporate obligations to obligors domiciled in Western Europe.
The notes are due in April 2027.
The non-call period is set to end in 2016, and the reinvestment period is scheduled to end in 2018.
Proceeds from the offering will be used to purchase a €363.8 million portfolio of European leveraged loans and bonds.
Washington, D.C.-based Carlyle Group brought two European CLOs in 2013. The firm sold the €350 million Carlyle Global Market Strategies Euro CLO 2013-1 BV deal in June and the €335.9 million Carlyle Global Market Strategies Euro CLO 2013-2, Ltd. transaction in September.
| Issuer: | Carlyle Global Market Strategies Euro CLO 2014-1, Ltd.
|
| Amount: | €375 million
|
| Maturity: | April 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (Europe) Ltd.
|
| Manager: | CELF Advisors LLP
|
| Call feature: | 2016
|
| Pricing date: | Feb. 24
|
| Settlement date: | March 26
|
| Distribution: | Private placement
|
|
|
| Class A
|
| Amount: | €218.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B
|
| Amount: | €40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C
|
| Amount: | €19.35 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 265 bps
|
| Ratings: | Moody's: A2
|
| Fitch: A+
|
|
|
| Class D
|
| Amount: | €17 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 355 bps
|
| Ratings: | Moody's: Baa2
|
| Fitch: BBB+
|
|
|
| Class E
|
| Amount: | €31.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 500 bps
|
| Ratings: | Moody's: Ba2
|
| Fitch: BB
|
|
|
| Class F
|
| Amount: | €10.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 550 bps
|
| Ratings: | Moody's: B2
|
| Fitch: B-
|
|
|
| Equity tranche
|
| Amount: | €37.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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