Intermediate Capital prices euro CLO; Jefferies prints; Ellington closes CLO offering

By Cristal Cody

Tupelo, Miss., March 8 – Details emerged on new CLO issuance in the European and CLO primary markets.

Intermediate Capital Managers Ltd. priced €410.1 million of notes in its first deal of the year.

Jefferies Finance LLC priced a $259.3 million three-tranche revolver CLO.

Meanwhile, Ellington CLO Management LLC closed Friday on a $478.49 million broadly syndicated CLO offering, the manager’s fourth deal since it was formed in 2017.

U.S. CLO volume year to date totals more than $18 billion, while more than €2 billion of euro CLOs have priced this year, market sources report.

Fitch Ratings said in a report on Friday that the “overlap between European and U.S. CLO portfolios remains limited even as leveraged loan issuers cater to both regions through local currency offerings.”

In its deal, Intermediate Capital Managers priced €410.1 million of notes due April 22, 2032 in the St. Paul’s CLO X DAC transaction, according to market sources.

The CLO sold €248 million of class A senior secured floating-rate notes at Euribor plus 114 basis points in the senior tranche.

Goldman Sachs International was the placement agent.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.