Alcentra taps Europe; Blackstone, Investcorp refinance; MidOcean prices CLO

By Cristal Cody

Tupelo, Miss., Nov. 12 – The European CLO market remains active with new issuance and refinancing transactions.

Alcentra Ltd. priced €409.2 million of notes in the new Jubilee CLO 2019-XXIII BV transaction, according to a market source. Morgan Stanley & Co. International plc was the placement agent.

Final pricing details were not immediately available.

Meanwhile, Blackstone/GSO Debt Funds Management Europe Ltd. priced €376 million of notes in a second refinancing of a vintage 2014 European CLO.

In addition, Investcorp Credit Management EU Ltd. sold €425.15 million of notes in a refinancing of a vintage 2017 euro-denominated deal.

Looking at dollar-denominated issuance in November, MidOcean Credit Fund Management LP priced a $402.65 million CLO in the manager’s first new deal of the year.

The CLO manager last came to the market in May with a refinancing of the MidOcean Credit CLO VI/MidOcean Credit CLO VI LLC vehicle.

Blackstone/GSO prints

Blackstone/GSO Debt Funds Management Europe priced €376 million of notes in a second refinancing of the vintage 2014 Holland Park CLO DAC transaction, according to a market source and a notice on Tuesday.

The CLO sold €250 million of the class A-1 senior secured floating-rate notes at Euribor plus 92 basis points.

Deutsche Bank AG, London Branch was the refinancing agent.

The maturity on the notes was extended to Nov. 14, 2032 from the original May 14, 2027 maturity.

In the original transaction priced on April 3, 2014, the CLO sold €291,875,000 of class A-1 senior secured floating-rate notes at Euribor plus 140 bps.

The notes were first refinanced on May 15, 2017. In that offering, the CLO priced €291,875,000 of the class A-1R senior secured floating-rate notes at Euribor plus 93 bps.

The CLO is collateralized primarily by European leveraged loans and bonds.

The Dublin-based manager is an affiliate of Blackstone Group LP.

Investcorp refinances CLO

Investcorp Credit Management EU sold €425.15 million of notes in a refinancing of the Harvest CLO XVII DAC deal, according to a market source and a notice on Tuesday.

At the top of the capital structure, Harvest CLO XVII sold €279 million of class A-R senior secured floating-rate notes at Euribor plus 92 bps.

BNP Paribas Securities Corp. was the refinancing placement agent.

The maturity on the refinanced notes was extended by two years to May 11, 2032.

In the original €413.65 million transaction issued May 11, 2017, the CLO priced €242 million of the class A senior secured floating-rate notes at par to yield Euribor plus 87 bps.

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

Investcorp Credit Management EU is a subsidiary of Bahrain-based Investcorp Bank BSC.

MidOcean prices CLO

MidOcean Credit Fund Management priced $402.65 million of notes in the manager’s first new broadly syndicated CLO transaction of 2019, according to a market source.

MidOcean Credit CLO X/MidOcean Credit CLO X LLC sold $246 million of class A-1 floating-rate notes at Libor plus 139 bps at the top of the capital stack.

Barclays was the placement agent.

MidOcean Credit Fund Management has priced one new CLO and refinanced one vintage CLO year to date.

The CLO manager is an affiliate of New York City-based private equity firm MidOcean Partners.

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