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.

In its deal, 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.

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