Anchorage Capital brings CLO deal; 3i Debt, ICG, Carlyle focus on Europe primary market

By Cristal Cody

Tupelo, Miss., Feb. 20 - Anchorage Capital Group, LLC priced a $517.17 million deal in the U.S. collateralized loan obligation primary market, according to a market source on Thursday.

Primary action in Europe is expected soon with deals being marketed from 3i Debt Management Investments Ltd., Intermediate Capital Group plc and the Carlyle Group LP, according to informed sources.

3i Debt Management plans to price €310 million of notes in the Harvest VIII CLO Ltd. deal, a source said.

3i, part of London-based 3i Group plc, tapped the European CLO market in 2013 with the €309.6 million Harvest CLO VII Ltd. transaction.

Intermediate Capital Group's €360 million St. Paul's CLO IV Ltd. deal and Carlyle Group's €300 million Carlyle Global Market Strategies Euro CLO 2014-1, Ltd. offering are in the pipeline to price before the end of the month, according to informed sources.

"A couple of European CLOs are getting done," a market source said.

Anchorage Capital brings deal

Anchorage Capital sold $517.17 million of notes due April 28, 2026 in the Anchorage Capital CLO 3, Ltd. transaction via BofA Merrill Lynch, according to a market source.

The deal included $300 million of class A-1 senior secured floating-rate notes (Aaa); $45.2 million of class A-2a senior secured floating-rate notes (Aa2); $21 million of class A-2b senior secured fixed-rate notes (Aa2); $24 million of class B senior secured deferrable floating-rate notes (A2); $36.2 million of class C senior secured deferrable floating-rate notes (Baa3); $30.5 million of class D secured deferrable floating-rate notes (Ba3); $12.8 million of class E secured deferrable floating-rate notes (B3) and $48 million of subordinated notes.

Pricing details were not available by press time.

Anchorage Capital will manage the CLO, which is backed by a portfolio primarily of broadly syndicated first-lien senior secured corporate loans.

New York City-based Anchorage Capital sold the $412 million Anchorage Capital CLO 2013-1, Ltd./Anchorage Capital CLO 2013-1, LLC offering in 2013.

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