Mackay Shields Investment sells debut €358.8 million CLO; Carlyle, BNPP eye redemptions

By Rebecca Melvin

New York, Sept. 27 – Pricing was heard on Mackay Shields Investment Management Ltd.’s debut collateralized loan obligation, a €358.8 million transaction of notes due 2032, on Friday.

The New York-based investment company priced €217 million of class A senior secured floating-rate notes at Euribor plus 93 basis points at the top of the capital stack in the Mackay Shields CLO-1 DAC transaction.

The pricing, which was tight to other euro-denominated CLOs priced in the recent past, extended to the other tranches. The €35 million of class B senior secured floating-rate notes priced at Euribor plus 180 bps; the €21 million of class C secured deferrable floating-rate notes priced at Euribor plus 260 bps; and the €24.5 million of class D secured deferrable floating-rate notes priced at Euribor plus 410 bps, among other tranches.

In other news, Carlyle Global Market Strategies Euro CLO 2015-1 DAC plans to potentially redeem by way of refinancing all classes of its rated notes due 2029, according to a notice.

And BNPP AM Euro CLO 2017 BV said an ordinary resolution was passed by holders of more than 50% of its subordinated notes directing an optional redemption of five classes of the issuer’s rated notes due 2031, according to a notice.

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