By Cristal Cody
Tupelo, Miss., June 28 – CELF Advisors LLP priced €462.6 million of notes due Aug. 15, 2030 in a new euro-denominated collateralized loan obligation offering, according to market sources.
Carlyle Euro CLO 2017-2 DAC sold €266 million of class A-1 senior secured floating-rate notes at Euribor plus 83 basis points; €60 million of class A-2 senior secured floating-rate notes at Euribor plus 150 bps; €31 million of class B senior secured deferrable floating-rate notes at Euribor plus 207 bps; €21 million of class C senior secured deferrable floating-rate notes at Euribor plus 305 bps; €27 million of class D senior secured deferrable floating-rate notes at Euribor plus 523 bps; €13 million of class E senior secured deferrable floating-rate notes at Euribor plus 690 bps and €44.6 million of subordinated notes.
Citigroup Global Markets Ltd. was the placement agent.
CELF Advisors will manage the CLO.
The CLO has 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 senior secured bonds.
CELF Advisors has priced two new euro CLOs and refinanced two vintage CLOs year to date.
In 2016, CELF Advisors was in the primary market with two new CLOs and two refinanced CLOs.
The London-based CLO manager is part of Washington, D.C.-based Carlyle Group LP.
| Issuer: | Carlyle Euro CLO 2017-2 DAC
|
| Amount: | €462.6 million
|
| Maturity: | Aug. 15, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | CELF Advisors LLP
|
| Call feature: | Two years
|
| Settlement date: | Aug. 3
|
|
|
| Class A-1 notes
|
| Amount: | €266 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 83 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class B notes
|
| Amount: | €31 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 207 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class C notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 305 bps
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class D notes
|
| Amount: | €27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 523 bps
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
|
|
| Class E notes
|
| Amount: | €13 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 690 bps
|
| Ratings: | Moody’s: B2
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | €44.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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