BlackRock, CELF price new euro-denominated CLOs; TCW refinances $376 million notes

By Cristal Cody

Tupelo, Miss., July 18 – Two CLO managers brought new European CLOs to the primary market, while the U.S. refinancing space remains active.

BlackRock Investment Management (UK) Ltd. priced €412.1 million of notes in the manager’s second new offering of the year.

Meanwhile, CELF Advisors LLP priced €410.25 million of notes in its second new European CLO this year.

CLO managers have priced more than €15 billion of new euro-denominated CLOs year to date, sources report.

In other market action, TCW Asset Management Co. LLC refinanced $376 million of notes from a 2014 CLO.

BlackRock prices CLO

BlackRock Investment Management (UK) priced €412.1 million of notes due Sept. 15, 2031 in the new BlackRock European CLO VI DAC transaction, according to a market source.

The CLO sold €235.6 million of class A-1 senior secured floating-rate notes at Euribor plus 87 basis points in the senior AAA tranche.

Citigroup Global Markets Ltd. was the placement agent.

BlackRock Investment Management (UK) has priced two new euro-denominated CLOs and refinanced one vintage European CLO year to date.

The investment management firm is a London-based subsidiary of BlackRock, Inc.

Carlyle Euro CLO prints

CELF Advisors priced €410.25 million of notes due Aug. 28, 2031 in its new deal, according to a market source.

Carlyle Euro CLO 2018-2 DAC sold €232 million of class A-1A senior secured floating-rate notes (Aaa//AAA) at Euribor plus 80 bps at the top of the capital structure.

Deutsche Bank AG, London Branch was the placement agent.

CELF Advisors has priced two new European CLOs and refinanced one vintage euro CLO year to date.

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

TCW refinances CLO

In refinancing activity, TCW Asset Management repriced $376 million of notes due Jan. 15, 2027 from a vintage 2014 CLO transaction, according to a market source and a notice of executed supplemental indenture on Tuesday.

Figueroa CLO 2014-1, Ltd./Figueroa CLO 2014-1 LLC sold $256 million of class A-R senior secured floating-rate notes at Libor plus 90 bps in the senior tranche.

Natixis Securities Americas LLC was the refinancing placement agent.

In the original $413.06 million transaction issued Dec. 10, 2014, the CLO sold $256 million of the class A floating-rate notes at Libor plus 155 bps.

TCW Asset Management is a subsidiary of TCW Group, a global asset management company based in Los Angeles.

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