CELF details €450 million CLO; U.S. primary activity picks up; new deals in pipeline

By Cristal Cody

Tupelo, Miss., Oct. 29 – CELF Advisors LLP, part of the Carlyle Group LP, detailed the firm’s €450 million European CLO offering of fixed- and floating-rate notes on Wednesday.

In the Carlyle Global Market Strategies Euro CLO 2014-3, Ltd. deal, the CLO manager sold €257.25 million of class A-1A senior secured floating-rate notes (Aaa//AAA) at Euribor plus 127 basis points at the top of the capital structure.

The CLO also priced €12.25 million of class E senior secured deferrable floating-rate notes (B2//B-) at Euribor plus 590 bps at the bottom of the capital stack.

BofA Merrill Lynch was the placement agent.

In the U.S. primary market, Anchorage Capital Group, LLC priced the Anchorage Capital CLO 5, Ltd./Anchorage Capital CLO 5, LLC deal, a source said. Final pricing details were not available by press time.

The offering was expected to include $2 million of class X floating-rate notes (//AAA); $305 million of class A floating-rate notes (//AAA); $57.5 million of class B floating-rate notes; $30 million of class C floating-rate notes; $35 million of class D floating-rate notes; $30 million of class E floating-rate notes; $12.5 million of class F floating-rate notes and $48 million of subordinated notes.

Morgan Stanley & Co. LLC was the placement agent.

Looking ahead, CLO issuance is expected to be steady through the rest of the year, a source said.

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