Fair Oaks prices €332.6 million CLO; Carlyle refinances notes; DoubleLine on deck

By Cristal Cody

Tupelo, Miss., July 16 – In CLO market activity on Tuesday, Fair Oaks Capital Ltd. closed on a new €332.6 million CLO deal.

In the dollar-denominated market, Carlyle CLO Management LLC priced a $453.08 million second refinancing of notes from a vintage 2015 CLO deal on Friday.

Meanwhile, DoubleLine Capital LP expects to price $406.25 million of notes in the manager’s first CLO offering of the year.

Nearly €17 billion of euro-denominated CLOs and about $56 billion of dollar-denominated broadly syndicated CLOs have priced year to date, according to market sources.

CLO refinancing volume totals more than $25 billion so far this year.

In its deal, Fair Oaks Capital closed Tuesday on a new €332.6 million CLO offering of notes due July 15, 2030, according to a market source.

The Fair Oaks Loan Funding I DAC offering priced €133.32 million of class A-1 senior secured floating-rate notes at par to yield Euribor plus 96 basis points and €68.18 million of class A-2 senior secured floating-rate notes at par to yield Euribor plus 98 bps at the top of the capital stack.

Deutsche Bank Securities Inc. was the placement agent.

The deal is backed primarily by broadly syndicated senior secured obligations.

The securities were admitted for trading Tuesday on the Euronext Dublin Global Exchange Market.

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