Bain Capital prices €385.8 million CLO: Greystone Bridge Lending brings CRE CLO

By Cristal Cody

Tupelo, Miss., Oct. 3 – Bain Capital Credit U.S. CLO Manager, LLC tapped the European CLO primary market with its second deal of the year.

The CLO manager priced €385.8 million of notes in the transaction.

Euro-denominated CLO volume is expected to pick up over the next few weeks, a source said.

Year to date, CLO managers have sold more than €21 billion of CLOs.

In other deal action, Greystone Bridge Lending Fund Manager LLC priced a $300 million commercial real estate CLO offering.

Bain prices CLO 2018-2

Bain Capital Credit U.S. CLO Manager priced €385.8 million of notes due Jan. 20, 2032 in the Bain Capital Euro CLO 2018-2 DAC transaction, according to a market source.

The CLO sold €232.5 million of the class A senior secured floating-rate notes at Euribor plus 100 basis points.

Goldman Sachs International was the placement agent.

The deal is backed primarily by broadly syndicated first-lien senior secured loans and senior secured bonds.

The Boston-based asset management firm is a subsidiary of Bain Capital LP.

Greystone prints $300 million

Greystone Bridge Lending Fund Manager priced $300 million of floating-rate notes and preferred shares due Sept. 15, 2028 in a commercial real estate CLO deal, according to a market source and a press release.

The Greystone Commercial Real Estate Notes 2018-HC1, Ltd. transaction is backed by first-lien commercial mortgages in health care facilities, skilled nursing facilities, assisted living facilities and combination skilled nursing/assisted living facilities.

J.P. Morgan Securities LLC was the arranger.

The closing pool was collateralized by a pool of 20 commercial real estate loans in whole loans on 25 health care facilities.

The deal is the company’s second CLO transaction for health care facilities.

Greystone Bridge Lending Fund Manager is a New York-based investment management services company.

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