Investcorp prices €413.65 million new CLO; CELF, Bain Capital, TICP refinance vintage CLOs

By Cristal Cody

Tupelo, Miss., April 6 – Both the U.S. and European CLO markets remain active with new supply and deal refinancings.

In the European market, Investcorp Credit Management EU Ltd. priced a new €413.65 million CLO deal.

CELF Advisors LLP refinanced €400.6 million of fixed- and floating-rate notes from a 2015 CLO.

Halcyon Loan Advisors (UK) LLP refinanced €282.85 million of notes in a reset of a 2014 transaction.

In U.S. refinancing action, Bain Capital Credit Ltd. refinanced $569.75 million of notes from a 2014 CLO.

TICP CLO I Management, LLC refinanced a $376.5 million 2014 deal.

Also, Ares CLO Management LLC priced its new $818.25 million Ares XLIII CLO Ltd./Ares XLIII CLO LLC transaction. Final pricing details were not available by press time.

More than $45 billion of U.S. CLOs have been refinanced year to date, while new issuance supply totals about $17 billion, according to market sources.

In the European market, about €2.8 billion of new euro CLOs have priced in 2017. About €6 billion of vintage euro-denominated CLOs have been refinanced year to date.

Investcorp prices CLO

Investcorp Credit Management EU sold €413.65 million of notes due May 11, 2030 in a new euro-denominated CLO deal, according to a market source.

Harvest CLO XVII DAC sold €242 million of class A senior secured floating-rate notes at par to yield Euribor plus 87 basis points in the AAA-rated tranche.

GreensLedge Capital Markets Europe LLP was the placement agent.

Investcorp Credit Management EU, formerly known as 3i Debt Management Investments Ltd., will manage the CLO.

The deal is collateralized primarily by senior secured loans and bonds.

Investcorp Credit Management EU is a subsidiary of Bahrain-based Investcorp Bank B.S.C.

CELF prices €400.6 million

CELF Advisors priced €400.6 million of fixed- and floating-rate notes due April 16, 2029 in a refinancing of a vintage 2015 euro-denominated collateralized loan obligation offering, according to a market source.

Carlyle Global Market Strategies Euro CLO 2015-1 DAC sold €273.5 million of class A-1A-R senior secured floating-rate notes at par to yield Euribor plus 78 bps in the senior slice.

Barclays was the refinancing agent.

The deal is collateralized primarily by euro-denominated broadly syndicated senior secured loans and bonds.

Proceeds from the offering will be used to redeem the original notes.

The deal is backed primarily by senior secured obligations.

CELF Advisors was in the primary market in 2016 with two new CLOs and two refinanced CLO transactions.

The London-based CLO manager is part of Washington, D.C.-based Carlyle Group LP.

Halcyon refinances CLO

Halcyon Loan Advisors (UK) refinanced €282.85 million of notes in a reset of a vintage 2014 CLO offering, according to a market source.

Halcyon Loan Advisors European Funding 2014 DAC sold €179.8 million of senior secured floating-rate notes at par to yield Euribor plus 87 bps in the class A-R tranche.

Citigroup Global Markets Inc. was the refinancing agent.

The maturity on the refinanced notes was extended to April 15, 2030 from the original Jan. 15, 2027 maturity.

Proceeds from the refinancing will be used to redeem the original notes.

The deal is collateralized primarily by senior secured loans and senior secured bonds.

Halcyon Loan Advisors is a subsidiary of New York City-based Halcyon Loan Management LLC.

Avery Point CLO refinances

Bain Capital Credit sold $569.75 million of notes due April 25, 2026 in a refinancing of the vintage 2014 Avery Point CLO IV, Ltd./Avery Point CLO IV, Corp. offering, according to a market source and a notice of supplemental indenture on Wednesday.

The CLO priced $427 million of class A-R senior secured floating-rate notes at par to yield Libor plus 110 bps in the senior tranche.

BofA Merrill Lynch was the refinancing agent.

Proceeds from the offering will be used to redeem the original class A, B and C notes on April 25.

Bain Capital Credit is an asset management firm based in Boston.

TICP refinances floaters

TICP CLO I Management sold $376.5 million of global secured floating-rate notes due April 27, 2026 in a refinancing of the vintage 2014 TICP CLO I, Ltd./TICP CLO I, LLC transaction, according to a notice of revised proposed supplemental indenture on Wednesday.

The CLO priced $283.5 million of class A-1-R senior secured floating-rate notes at Libor plus 118 bps at the top of the capital structure.

Proceeds from the refinancing will be used on April 26 to redeem the original class A-1, A-2a, A-2b, A-2c and B notes.

TICP CLO I Management is a Fort Worth, Texas-based affiliate of TPG Institutional Credit Partners, LLC.

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