CVC prices €411 million CLO; additional Europe issuance forecast; Telos 2016-7 CLO in works

By Cristal Cody

Eureka Springs, March 17 – CVC Credit Partners Group Ltd. tapped the European CLO primary market with a €411 million deal, bringing euro-denominated year to date issuance to €1.24 billion from three deals, according to sources and Prospect News data on Thursday.

CVC priced five tranches of floating-rate notes and one tranche of subordinated notes in the transaction.

Two more euro-denominated CLO deals may price before the end of the month, a market source said.

Across the pond, Tiptree Financial Inc. is marketing $252.37 million of notes in a CLO deal that has been in the works since August. Tiptree Financial announced in August that it had sold $39.7 million of subordinated notes in two CLOs and contributed $30 million of the proceeds to a new loan warehouse facility to create a new CLO.

CVC Credit Partners Group priced €411 million of notes due April 15, 2029 in the CVC Cordatus Loan Fund VI Ltd. transaction, according to a market source.

The CLO sold €248 million of class A senior secured floating-rate notes at Euribor plus 150 basis points in the senior tranche.

Credit Suisse Securities (Europe) Ltd. arranged the deal.

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