CELF reprices €618.5 million CLO, firm’s fourth of year; euro CLO refinancing active

By Cristal Cody

Tupelo, Miss., Dec. 12 – CELF Advisors LLP priced €618.5 million of notes in the firm’s fourth refinancing transaction of the year.

CELF sold 11 tranches of notes in the refinanced and reset vintage 2015 CLO deal.

More than €40 billion of European CLOs have priced year to date, including about €23 billion of refinanced and/or reset vintage euro-denominated CLOs, according to market sources.

CELF resets CLO 2015-3

CELF Advisors priced €618.5 million of notes in a refinancing and reset of a 2015 euro-denominated CLO offering, according to a market source.

Carlyle Euro CLO 2015-3 DAC sold €344 million of refinancing class A-1A senior secured floating-rate notes at Euribor plus 75 basis points in the senior tranche.

Morgan Stanley & Co. International plc arranged the transaction.

CELF Advisors will continue to manage the CLO.

The maturity on the refinanced notes was extended to July 15, 2030 from the original Jan. 15, 2029 maturity.

CELF originally priced the €517 million CLO on Dec. 4, 2015. The CLO sold €285 million of class A-1 senior secured floating-rate notes at Euribor plus 150 bps.

CELF Advisors has refinanced four vintage CLOs year to date.

In 2016, CELF Advisors was in the primary market with two refinanced CLOs.

The London-based CLO manager is part of Washington, D.C.-based Carlyle Group LP.

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