Partners Group sells €413.2 million CLO; LCM resets 2015 notes; ICG brings refinancing

By Cristal Cody

Tupelo, Miss., April 27 – In new issue supply, Partners Group (UK) Management Ltd. priced a €413.2 million euro-denominated broadly syndicated CLO on Friday.

KKR Credit Advisors (Ireland) Unlimited Co. also has priced the Avoca CLO XVIII DAC transaction via Barclays, according to a market source. Final pricing details were not immediately available.

In other market supply, U.S. CLO refinancing volume remains strong.

LCM Asset Management LLC sold $618.42 million of notes in a reset and refinancing of a 2015 CLO offering.

Also, ICG Debt Advisors LLC priced $414.35 million of notes in a reset and second refinancing of a 2014 deal.

In the primary market, both U.S. and European CLO BB-rated spreads “look cheap to high yield and to CLO BBBs,” Wells Fargo Securities, LLC analysts said in a note released on Friday.

“Since late January 2018, U.S. CLO BBB and BB primary spreads have widened 50-100 [basis points], while euro primary lower mezz spreads have widened only 25-60 bps,” the analysts said.

In its deal, Partners Group (UK) Management priced €413.2 million of notes due Dec. 17, 2030 in the new CLO, a source said.

Penta CLO 4 DAC sold €236 million of class A senior secured floating-rate notes at Euribor plus 79 bps at the top of the capital stack.

© 2015 Prospect News.
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