Alcentra, Blackstone/GSO price; euro issuance tops 2013 total; CVC plans $512.25 million CLO

By Cristal Cody

Tupelo, Miss., Oct. 9 – New deals in the European CLO market brought year to date total issuance to more than €12.5 billion, much higher than the €7.8 billion priced in 2013, according to data compiled by Prospect News.

Alcentra Ltd. raised €566.7 million in the Jubilee CLO 2014-XIV BV deal, which was upsized from an initial €414 million estimated offering, according to a market source.

The CLO priced €319.5 million of class A-1 senior secured floating-rate notes at Euribor plus 127 basis points at the top of the capital stack.

Morgan Stanley & Co. International plc was the placement agent.

Also in the Europe primary market, Blackstone/GSO Debt Funds Management Europe Ltd. brought a €517 million private placement CLO offering, according to a market source.

Sorrento Park CLO Ltd. sold €290 million of the class A-1A senior secured floating-rate notes at Euribor plus 125 bps at the top of the capital structure.

Barclays Bank plc arranged the transaction.

Coming up in the U.S. deal pipeline, CVC Credit Partners, LLC plans to price $512.25 million of notes due 2026 in a Rule 144A-eligible CLO deal, a market source said.

The Apidos CLO XIX/Apidos CLO XIX LLC offering includes $220 million of class A-1 floating-rate notes (//AAA) and $100 million of class A-2 floating-rate notes (//AAA) at the top of the capital structure.

Wells Fargo Securities LLC is the placement agent.

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