Oaktree sells €412 million CLO; PGIM prices reprint; CSAM refinances €427.8 million

By Cristal Cody

Tupelo, Miss., Dec. 11 – The European new issue and refinancing markets are continuing to see activity in December.

Oaktree Capital Management (Europe) LLP priced a new €412 million broadly syndicated CLO.

Meanwhile, PGIM, Inc. brought a €397.2 million second refinancing of a vintage 2015 Europe CLO deal to the market.

Also, Credit Suisse Asset Management Ltd. sold €427.8 million of notes in a refinancing and reset of a vintage 2016 CLO deal that closed on Tuesday.

More than €28 billion of euro-denominated CLOs have priced year to date, beating 2018 supply and market forecasts of about €25 billion of volume for the year.

In its deal, Oaktree Capital Management (Europe) priced €412 million of notes due March 15, 2033 in the new issue, according to market sources.

Arbour CLO VII Ltd. sold €244 million of class A floating-rate notes at Euribor plus 98 basis points in the AAA-rated tranche.

Merrill Lynch International was the placement agent.

Meanwhile, PGIM priced €397.2 million of notes in a second refinancing of the Dryden 35 Euro CLO 2014 BV deal, according to market sources.

Dryden 35 Euro CLO sold €261.4 million of the class A-R senior secured floating-rate notes at Euribor plus 98 bps.

Goldman Sachs International was the refinancing agent.

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