Arbour CLO IV prices; Symphony, Carlyle refinance U.S. CLOs; CELF Advisors refinances

By Cristal Cody

Eureka Springs, Ark., Oct. 18 – Oaktree Capital Management (UK) LLP priced a new euro-denominated CLO, while CELF Advisors LLP, Symphony Asset Management LLC and Carlyle Investment Management LLC refinanced older CLOs.

Oaktree Capital Management (UK) priced €413.45 million of notes in the European offering.

CELF Advisors refinanced €268.6 million of notes in a vintage 2013 CLO.

Symphony Asset Management refinanced $543 million of notes in a renamed CLO originally priced in 2012.

Carlyle Investment Management refinanced $620.25 million of notes from a 2014 deal.

More than $7 billion of CLOs have been refinanced over the past three weeks, according to a J.P. Morgan Securities LLC market note.

Oaktree sells €413.45 million

Oaktree Capital Management (UK) priced €413.45 million of notes due Jan. 15, 2030 in the Arbour CLO IV DAC transaction, according to a market source.

The CLO sold €30 million of 1.29% class A-1 senior secured fixed-rate notes (Aaa//AAA) and €214 million of class A-2 senior secured floating-rate notes (Aaa//AAA) at Euribor plus 114 basis points in the senior tranches.

Barclays was the placement agent.

Oaktree will manage the CLO.

The deal is collateralized mainly by senior secured loans and senior secured floating-rate notes.

Oaktree has priced two euro-denominated CLOs in 2016.

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

CELF refinances CLO

CELF Advisors refinanced €268.6 million of notes due Oct. 15, 2026 in a vintage CLO via Citigroup Global Markets Inc., according to a market source.

Carlyle Global Market Strategies Euro CLO 2013-2 DAC priced €179 million of class A-1-R floating-rate notes at Euribor plus 150 bps in the AAA-rated tranche.

Proceeds were used to redeem the original class A-1, A-2A, A-2B, B and C notes at par.

London-based CELF is part of the Washington, D.C.-based Carlyle Group LP.

Symphony refinances CLO

Symphony Asset Management refinanced $543 million of notes in the California Street CLO IX LP (formerly known as Symphony CLO IX LP) transaction, according to a market source.

The CLO sold $366 million of class A-R floating-rate notes at Libor plus 145 bps at the top of the stack.

Morgan Stanley & Co. LLC was the refinancing agent.

Symphony Asset Management will continue to manage the CLO, which originally priced in 2012.

The maturity on the refinanced notes was extended to Oct. 16, 2028 from April 15, 2022.

In addition, the refinanced deal was structured to comply with the Volcker Rule to prohibit bonds, senior secured notes and other non-loan assets in the portfolio.

Proceeds from the refinancing were used to redeem the existing class A, B, C, D and E notes on Monday.

The CLO manager has priced two CLO deals and refinanced one vintage CLO year to date.

The San Francisco-based asset management firm sold one CLO and refinanced one vintage CLO in 2015.

Carlyle refinances

Carlyle Investment Management priced $620.25 million of notes in a refinancing of the Carlyle Global Market Strategies CLO 2012-4, Ltd./Carlyle Global Market Strategies CLO 2012-4 LLC deal, according to a market source.

The CLO sold $377.5 million of class A-R floating-rate notes at Libor plus 145 bps in the senior tranche.

Morgan Stanley was the refinancing agent.

The maturity on the refinanced notes was extended to Jan. 20, 2029 from Jan. 20, 2025.

Proceeds from the transaction will be used to redeem the original class A, B-1, B-2, C, D and E notes on Thursday.

Carlyle Investment Management has refinanced tranches from four vintage CLOs and priced three new U.S. CLO deals year to date.

The asset management firm, an affiliate of the Washington, D.C.-based Carlyle Group, priced five U.S. broadly syndicated CLO transactions and one middle-market CLO offering in 2015.

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