Spire brings euro CLO; CarVal prices $732.75 million; Octagon Credit resets notes

By Cristal Cody

Tupelo, Miss., Feb. 14 – Spire Partners LLP priced €447.8 million of notes due 2032 in a new euro-denominated CLO transaction on Thursday.

The European primary market has picked up in February with a handful of CLO deals priced this month.

In the U.S. broadly syndicated primary market, CarVal CLO Management, LLC priced $732.75 million of notes in the manager’s second CLO transaction to date.

Elsewhere, refinancing action is resuming in 2019 with reported vintage deals being repriced.

Octagon Credit Investors, LLC closed Thursday on a $725.7 million second refinancing of a 2014 vintage CLO transaction.

The refinanced notes were admitted for trading on Thursday on the global exchange market, according to a notice from Euronext Dublin.

Spire prints Aurium CLO V

Spire Partners priced €447.8 million of notes due April 17, 2032 in the Aurium CLO V DAC transaction on Thursday, according to a market source.

Final pricing details were not immediately available.

BofA Merrill Lynch was the placement agent.

The issue is backed primarily by senior secured loans and bonds.

Spire Partners is a fund management firm based in London.

CarVal brings second deal

CarVal CLO Management priced $732.75 million of notes due April 20, 2032 in the CarVal CLO II Ltd. deal, according to a market source.

CarVal CLO II sold $300 million of class A loans at Libor plus 148 basis points, $139 million of class A-N floating-rate notes at Libor plus 148 bps and $25 million of 4.09% class A-F notes at the top of the capital structure.

J.P. Morgan Securities LLC was the placement agent.

The offering is collateralized primarily by senior secured corporate loans.

CarVal CLO Management priced its first CLO offering in 2018.

The credit management investment firm is part of Minneapolis-based CarVal Investors, LLC, an independent subsidiary of Cargill, Inc.

Octagon reprices XXI

Octagon Credit Investors closed Thursday on a $725.7 million second refinancing of the Octagon Investment Partners XXI, Ltd./Octagon Investment Partners XXI, LLC transaction, according to a market source.

The CLO priced $7.5 million of class X-RR senior secured floating-rate notes at Libor plus 75 bps, $450 million of class A-1A-RR senior secured floating-rate notes at Libor plus 130 bps, $37.5 million of class A-1B-RR senior secured floating-rate notes at Libor plus 170 bps and $86.25 million of class A-2-RR senior secured floating-rate notes at Libor plus 190 bps in the senior tranches.

Nomura Securities International Inc. was the refinancing placement agent.

The maturity on the reset CLO was extended to 2031 from the original Nov. 14, 2026 maturity.

The CLO originally was issued Oct. 30, 2014 and partially refinanced Nov. 14, 2016.

Octagon Credit Investors is a New York-based credit investment firm and subsidiary of Conning & Co.

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