Oaktree sells €412 million CLO; PGIM prices reprint; CSAM refinances €427.8 million

By Cristal Cody

Tupelo, Miss., Dec. 11 – The European new issue and refinancing markets are continuing to see activity in December.

Oaktree Capital Management (Europe) LLP priced a new €412 million broadly syndicated CLO.

Meanwhile, PGIM, Inc. brought a €397.2 million second refinancing of a vintage 2015 Europe CLO deal to the market.

Also, Credit Suisse Asset Management Ltd. sold €427.8 million of notes in a refinancing and reset of a vintage 2016 CLO deal that closed on Tuesday.

More than €28 billion of euro-denominated CLOs have priced year to date, beating 2018 supply and market forecasts of about €25 billion of volume for the year.

Oaktree prices CLO VII

Oaktree Capital Management (Europe) priced €412 million of notes due March 15, 2033 in the new issue, according to market sources.

Arbour CLO VII Ltd. sold €244 million of class A floating-rate notes at Euribor plus 98 basis points in the AAA-rated tranche.

Merrill Lynch International was the placement agent.

The deal is collateralized primarily by senior secured leveraged loans and bonds.

Oaktree has priced two new euro-denominated CLOs and one refinanced European CLO year to date.

The London-based asset manager is an affiliate of Los Angeles-based Oaktree Capital Management, LP.

PGIM prints €397.2 million

PGIM priced €397.2 million of notes in a second refinancing of the Dryden 35 Euro CLO 2014 BV deal, according to market sources.

Dryden 35 Euro CLO sold €261.4 million of the class A-R senior secured floating-rate notes at Euribor plus 98 bps.

Goldman Sachs International was the refinancing agent.

The maturity on the reset CLO notes was extended to Jan. 18, 2033 from May 17, 2027.

Dryden 35 Euro CLO 2014 was originally issued as a €442.6 million transaction on March 31, 2015.

The original CLO had sold €232.1 million of the class A-1A senior secured floating-rate notes at Euribor plus 130 bps.

Dryden 35 Euro CLO was first refinanced in a €353.7 million transaction issued on May 16, 2017.

In that offering, the CLO sold €232.1 million of the class A-1A-R senior secured floating-rate notes at Euribor plus 95 bps.

The CLO is collateralized primarily by secured senior loans and senior secured bonds.

The investment management firm is part of Newark, N.J.-based Prudential Financial Inc.

CSAM refinances CLO

Credit Suisse Asset Management sold €427.8 million of notes in a refinancing and reset of the Madison Park Euro Funding VIII DAC offering, according to market sources.

Madison Park Euro Funding VIII sold €287.5 million of class A-R senior secured floating-rate notes at Euribor plus 95 bps in the senior tranche.

Barclays arranged the transaction.

The maturity was extended to April 15, 2032 from Jan. 15, 2030.

The original transaction, formerly known as Cadogan Square CLO VIII BV, was issued Dec. 29, 2016.

In that offering, the CLO priced €248.4 million of the class A1 senior secured floating-rate notes at par to yield Euribor plus 96 bps.

The CLO is backed primarily by euro-denominated senior secured loans and bonds.

Credit Suisse Asset Management is a subsidiary of Zurich-based Credit Suisse AG.

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