NIBC Bank prices euro CLO; Brigade cancels partial refinancing of Armada Euro CLO

By Cristal Cody

Tupelo, Miss., Nov. 25 – In new European primary action, NIBC Bank NV sold €410 million of notes due 2032 in the North Westerly CLO VI BV deal.

The deal was priced via MUFG, according to a market source. Final pricing details were not immediately available.

In other activity in the Europe market, Brigade Capital Europe Management, LLP announced it has cancelled the partial refinancing of the vintage 2017 Armada Euro CLO I DAC transaction scheduled for Tuesday.

The London-based collateral manager notified the issuer that one or more conditions for optional redemption of the class A and class B notes will not be satisfied by the proposed redemption date, according to the market notice.

The CLO originally was issued Sept. 21, 2017. In the offering, the CLO had priced €211 million of class A senior secured floating-rate notes at par to yield Euribor plus 93 basis points, €49.2 million of class B senior secured floating-rate notes, €24.1 million of class C senior secured deferrable floating-rate notes and €16 million of class D senior secured deferrable floating-rate notes.

The CLO also had priced €23.2 million of class E senior secured deferrable floating-rate notes, €10.2 million of class F senior secured deferrable floating-rate notes and €34.5 million of subordinated notes.

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