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Alcentra, Blackstone/GSO price; euro issuance tops 2013 total; CVC plans $512.25 million CLO
By Cristal Cody
Tupelo, Miss., Oct. 9 New deals in the European CLO market brought year to date total issuance to more than 12.5 billion, much higher than the 7.8 billion priced in 2013, according to data compiled by Prospect News.
Alcentra Ltd. raised 566.7 million in the Jubilee CLO 2014-XIV BV deal, which was upsized from an initial 414 million estimated offering, according to a market source.
The CLO priced 319.5 million of class A-1 senior secured floating-rate notes at Euribor plus 127 basis points at the top of the capital stack.
Morgan Stanley & Co. International plc was the placement agent.
The transaction is Alcentras third European CLO in 2014. The London-based global asset management firm previously priced the 413.5 million Jubilee CLO 2014-XI BV deal in January and the 513.1 million Jubilee CLO 2014-XII BV transaction in April.
Also in the Europe primary market, Blackstone/GSO Debt Funds Management Europe Ltd. brought a 517 million private placement CLO offering, according to a market source.
Sorrento Park CLO Ltd. sold 290 million of the class A-1A senior secured floating-rate notes at Euribor plus 125 bps at the top of the capital structure.
Barclays Bank plc arranged the transaction.
Blackstone/GSO Debt Funds Management, a subsidiary of asset manager GSO Capital Partners LP, previously priced the 513,625,000 Holland Park CLO Ltd. transaction in April and the 413.25 million Phoenix Park CLO Ltd. deal in June.
CVC joins pipeline
Coming up in the U.S. deal pipeline, CVC Credit Partners, LLC plans to price $512.25 million of notes due 2026 in a Rule 144A-eligible CLO deal, a market source said.
The Apidos CLO XIX/Apidos CLO XIX LLC offering includes $220 million of class A-1 floating-rate notes (//AAA); $100 million of class A-2 floating-rate notes (//AAA); $53.25 million of class B floating-rate notes; $33 million of class C floating-rate notes; $29.5 million of class D floating-rate notes; $25.5 million of class E floating-rate notes; $7.5 million of class F floating-rate notes and $43.5 million of subordinated notes.
Wells Fargo Securities LLC is the placement agent.
The transaction is expected to close on Nov. 6.
CVC Credit Partners, the credit management arm of London-based private equity firm CVC Capital Partners Ltd., previously priced the $519.25 million Apidos CLO XVII/Apidos CLO XVII LLC offering in March and the $733.6 million Apidos CLO XVIII/Apidos CLO XVIII LLC deal in June.
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