PGIM, Commerzbank price new euro CLOs; Halcyon refinances 2014 CLO notes

By Cristal Cody

Tupelo, Miss., May 2 – New European CLO deal volume totals nearly €5 billion year to date following two new transactions, according to market sources.

PGIM, Ltd. came to the primary market with a €478.8 million offering.

Commerzbank AG, London Branch sold €354.4 million of notes in its transaction.

Looking at U.S. refinancing action, Halcyon Loan Management, LLC detailed its $451 million vintage 2014 CLO refinancing deal.

More than $69 billion of U.S. CLOs and about €8 billion of euro CLOs have been refinanced year to date, according to market sources.

PGIM prices €478.8 million

PGIM sold €478.8 million of notes due May 15, 2030 in a new euro-denominated CLO, according to a market source.

Dryden XXVII-R Euro CLO 2017 BV priced €251.2 million of class A-1 senior secured floating-rate notes at Euribor plus 87 basis points at the top of the capital structure.

J.P. Morgan Securities plc was the placement agent.

PGIM has priced two new euro-denominated CLOs and refinanced one vintage CLO year to date.

In 2016, the CLO manager brought two euro-denominated CLOs and one CLO refinancing transaction to market.

The investment management firm is part of Newark, N.J.-based Prudential Financial Inc.

Commerzbank brings CLO III

Commerzbank, London Branch priced €354.4 million of notes due April 26, 2027 in the Bosphorus CLO III DAC offering, according to a market source.

Bosphorus CLO III sold €219.4 million of class A secured floating-rate notes at Euribor plus 85 bps in the senior tranche.

Stifel, Nicolaus & Co., Inc. arranged the deal.

Commerzbank AG Debt Fund Management, a fund management business of Commerzbank AG, London Branch, will manage the CLO.

Commerzbank priced one new CLO in 2016 and one deal in 2015.

The London-based CLO manager is a subsidiary of global banking and financial services company Commerzbank AG.

Halcyon refinances

Halcyon Loan Management refinanced $451 million of notes due April 28, 2025 in a vintage 2014 CLO offering, according to a notice of executed supplemental indenture on Monday.

Halcyon Loan Advisors Funding 2014-2 Ltd./Halcyon Loan Advisors Funding 2014-2 LLC sold $220 million of senior secured floating-rate notes at Libor plus 118 bps in the class A-1A-R tranche.

Mizuho Securities USA LLC was the refinancing agent.

Halcyon Loan Advisors 2014-2 LLC is the CLO manager.

In the original CLO deal priced on April 14, 2014, the CLO sold $220 million of class A-1A senior secured floating-rate notes at Libor plus 160 bps.

New York City-based Halcyon Loan Management previously was in the U.S. CLO primary market in 2015.

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