Chenavari brings €365.35 million CLO; Five Arrows Managers refinances; refinancings active

By Cristal Cody

Tupelo, Miss., March 15 – Details emerged about a new CLO transaction priced in Europe and a refinanced U.S. CLO deal first brought to market in 2014.

Chenavari Credit Partners LLP priced €365.35 million of notes in its first European CLO deal of 2017.

New issue euro-denominated CLO volume totals about €1.6 billion year to date, while about €3.6 billion of European CLOs have been refinanced in 2017, according to Prospect News data and market sources.

In U.S. activity, Five Arrows Managers North America LLC, formerly known as West Gate Horizons Advisors, LLC, refinanced $348.5 million in a vintage CLO.

U.S. CLO managers have refinanced about $32 billion of CLOs year to date, compared to about $14 billion of new supply priced.

Chenavari prices CLO

Chenavari Credit Partners sold €365.35 million of notes due April 15, 2031 in the Toro European CLO 3 DAC transaction, according to a market source.

The CLO priced €211.5 million of class A secured floating-rate notes at par to yield Euribor plus 96 basis points in the senior tranche.

Barclays arranged the offering.

The notes are backed primarily by euro-denominated senior secured loans and senior secured bonds.

Chenavari Credit Partners is part of London-based Chenavari Financial Group Ltd.

Ocean Trails CLO V refinances

Five Arrows Managers North America refinanced $348.5 million of fixed- and floating-rate notes at par in the Ocean Trails CLO V/Ocean Trails CLO V LLC transaction, according to a market source and a notice on Tuesday of changed pages to the proposed supplemental indenture.

The CLO priced $184.5 million of class A-1-R floating-rate notes at Libor plus 122 bps at the top of the capital structure.

In the original transaction, the class A-1 notes priced at Libor plus 150 bps.

The notes are due Oct. 13, 2026.

Nomura Securities International, Inc. arranged the transaction.

Five Arrows Managers is a Los Angeles-based investment manager and subsidiary of Rothschild North America Holdings, Inc.

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