European CLO primary activates; Cairn eyes €300 million deal; Sankaty offers €360 million

By Cristal Cody

Tupelo, Miss., Nov. 19 – More deal activity is expected in the European CLO market headed into months’ end, according to sources on Wednesday.

The market feels “stable,” one source said.

More than €12 billion of European CLOs have priced year to date, according to data compiled by Prospect News.

CVC Credit Partners Group Ltd. priced the €400 million Cordatus Loan Fund IV Ltd. offering, a source said.

Goldman Sachs & Co. was the placement agent. Final pricing details were not available by press time.

CVC Credit Partners, the credit management arm of London-based private equity firm CVC Capital Partners Ltd., was in the market in April with the €450 million CVC Cordatus Loan Fund III 2014-3 Ltd. transaction.

Cairn offers €300 million

Cairn Capital Ltd. plans to sell €300 million of notes in the Cairn CLO IV BV transaction, according to a market source.

Credit Suisse Securities (Europe) Ltd. is the placement agent.

Cairn Capital was last in the primary market in 2013 with the €300.5 million Cairn CLO III BV offering, its first European CLO deal since 2010.

The credit asset management firm is based in London.

Sankaty to price €360 million

Also coming up, Sankaty Advisors LLC intends to price a €360 million deal, according to a market source.

Citigroup Global Markets Inc. is the placement agent.

Sankaty Advisors has priced two U.S. CLO transactions and refinanced two vintage CLOs in 2014.

The Boston-based credit investment firm is an affiliate of Bain Capital LLC.

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