KKR prices €458.35 million CLO; CIFC taps Europe; LCM refinances $352 million CLO

By Cristal Cody

Tupelo, Miss., Feb. 26 – European CLO pricing action is heating up this week with two new deals priced in the primary market.

KKR Credit Advisors (Ireland) Unlimited Co. brought €458.35 million of notes in a new CLO offering.

Also, CIFC Asset Management LLC affiliate CIFC CLO Management LLC priced a euro-denominated CLO via Barclays, a source said.

CIFC sold €415.7 million of notes in the CIFC European Funding CLO II DAC transaction. Final pricing details were not immediately available.

In other deal action, LCM Asset Management LLC sold $352 million of notes in a refinancing of a vintage 2016 CLO.

Otherwise, the market has been somewhat quiet this week with participants out at a Structured Finance Association conference in Las Vegas that concluded on Wednesday.

“Investors seemed to agree that new issue AAA’s stand out as wide, given levels relative to other assets, and a steep term curve,” Wells Fargo Securities, LLC analysts said in a note on Wednesday that recapped the conference. “Other than coronavirus, almost no meetings focused on worries or concerns.”

KKR brings CLO XXI

KKR Credit Advisors priced €458.35 million of notes due April 15, 2033 in the Avoca CLO XXI DAC deal, according to market sources.

The CLO sold €123 million of class A-1 floating-rate notes at Euribor plus 89 basis points at the top of the capital structure.

Merrill Lynch International was the placement agent.

The CLO is backed primarily by euro-denominated senior secured corporate loans and bonds.

KKR Credit Advisors (Ireland) is a Dublin-based credit investment management firm.

LCM refinances CLO

LCM Asset Management sold $352 million of notes due Oct. 20, 2029 in a refinancing of the LCM XXIII Ltd. offering, according to market sources.

The CLO priced $252.25 million of class A-1-R floating-rate notes at Libor plus 107 bps at the top of the capital stack.

Goldman Sachs & Co. LLC was the refinancing placement agent.

The CLO was originally issued Dec. 20, 2016.

The New York City-based asset management firm is a subsidiary of Tetragon Financial Group Ltd.

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