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Och-Ziff Loan Management prices 406.3 million CLO; reported euro supply remains steady
By Cristal Cody
Tupelo, Miss., May 9 Och-Ziff Europe Loan Management Ltd. priced 406.3 million of notes in a new euro-denominated CLO offering.
The deal is the CLO managers first euro-denominated transaction of the year after pricing two European CLOs in 2018.
Nearly 10 billion of European CLOs have been brought to the primary market so far this year with market sources forecasting about 25 billion of total volume in 2019.
Och-Ziff brings VI CLO
Och-Ziff Europe Loan Management priced 406.3 million of notes due July 15, 2032 in the transaction, according to a market source.
At the top of the capital structure, OZLME VI DAC sold 2 million of class X senior secured floating-rate notes at Euribor plus 50 basis points, 248 million of class A senior secured floating-rate notes at Euribor plus 114 bps, 20 million of class B-1 senior secured floating-rate notes at Euribor plus 180 bps and 20 million of 2.3% class B-2 senior secured fixed-rate notes.
Morgan Stanley & Co. International plc was the placement agent.
The deal is collateralized primarily by broadly syndicated senior secured obligations.
The London-based firm is part of alternative asset manager Och-Ziff Capital Management Group LLC.
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