Oak Hill Advisors (Europe) prices €463.9 million CLO; euro deal supply picks up

By Cristal Cody

Tupelo, Miss., Nov. 15 – Oak Hill Advisors (Europe), LLP brought a new €463.9 million CLO to the primary market.

Euro-denominated deal volume has picked up with five new CLOs priced in November, according to market sources.

CLO managers have priced more than €14 billion of new European CLOs year to date, sources report.

In the secondary market, euro-denominated CLO AAA spreads ended the past week unchanged at Euribor plus 81 basis points, according to a BofA Merrill Lynch note.

Oak Hill VI prices

Oak Hill Advisors (Europe) priced €463.9 million of notes due Jan. 20, 2032 in the Oak Hill European Credit Partners VI DAC transaction, according to market sources.

Oak Hill European Credit Partners VI sold €259 million of class A-1 senior secured floating-rate notes at Euribor plus 73 bps in the senior tranche.

Citigroup Global Markets Ltd. was the placement agent.

The CLO is backed primarily by euro-denominated senior secured loans or senior secured bonds.

Proceeds will be used to purchase a portfolio of mostly European leveraged loans and bonds.

Oak Hill Advisors (Europe) is a credit manager based in London.

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