By Cristal Cody
Tupelo, Miss., Nov. 30 – CELF Advisors LLP sold €405.2 million of notes due in January 2034 in a new euro-denominated collateralized loan obligation offering, according to market sources.
Carlyle Euro CLO 2020-2 DAC priced the €244 million tranche of class A-1 senior secured floating-rate notes at Euribor plus 105 basis points.
The deal also included €1.5 million of class X senior secured floating-rate notes, €32.5 million of class A-2A senior secured floating-rate notes, €10 million of class A-2B senior secured fixed-rate notes, €27.5 million of class B senior secured deferrable floating-rate notes, €25 million of class C senior secured deferrable floating-rate notes, €21 million of class D senior secured deferrable floating-rate notes, €10 million of class E senior secured deferrable floating-rate notes and €33.7 million of subordinated notes.
Morgan Stanley & Co. International plc was the placement agent.
The CLO has a four-year reinvestment period.
The notes are collateralized primarily by senior secured loans and senior secured bonds.
London-based CELF is part of the Washington, D.C.-based Carlyle Group LP.
| Issuer: | Carlyle Euro CLO 2020-2 DAC
|
| Amount: | €405.2 million
|
| Maturity: | January 2034
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. International plc
|
| Manager: | CELF Advisors LLP
|
| Pricing date: | Week of Nov. 23
|
| Settlement date: | Jan. 15
|
|
|
| Class A-1 notes
|
| Amount: | €244 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 105 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class X notes
|
| Amount: | €1.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2A notes
|
| Amount: | €32.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class A-2B notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class B notes
|
| Amount: | €27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class C notes
|
| Amount: | €25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
|
|
| Class D notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB-
|
|
|
| Class E notes
|
| Amount: | €10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Ratings: | Moody’s: B3
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | €33.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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