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Partners Group brings €411.3 million CLO; euro supply active; TPG prices $432.9 million
By Cristal Cody
Tupelo, Miss., Jan. 28 – Partners Group (UK) Management Ltd. priced a new €411.3 million euro-denominated CLO offering on Tuesday.
The deal follows Investcorp Credit Management EU Ltd.’s €489.1 million Harvest CLO XXIII DAC offering priced on Monday. Investcorp sold €276.8 million of the CLO’s class A floating-rate notes at Euribor plus 95 basis points.
Additional European CLO supply is expected into February, market sources report.
Meanwhile, in the dollar-denominated market, TPG Institutional Credit Partners, LLC affiliate TICP CLO XV Management, LLC priced $432.9 million of notes in its first CLO offering of 2020.
Partners sells Penta 7
Partners Group (UK) Management priced €411.3 million of notes due Jan. 25, 2033 in the offering on Tuesday, according to market sources.
Penta CLO 7 DAC sold €248 million of the class A senior secured floating-rate notes at Euribor plus 96 bps.
Goldman Sachs International was the placement agent.
The CLO is backed mainly by euro-denominated senior secured corporate loans and senior secured bonds.
Partners Group priced one euro broadly syndicated CLO deal in 2019 and two CLOs in 2018.
The private markets investment manager is based in London.
TICP CLO XV prints
TICP CLO XV Management sold $432.9 million of notes due April 20, 2033 in its transaction, according to market sources.
TICP CLO XV, Ltd./TICP CLO XV, LLC priced $267.75 million of class A floating-rate notes at Libor plus 128 bps at the top of the capital stack.
J.P. Morgan Securities LLC was the placement agent.
The transaction is collateralized primarily by broadly syndicated first-lien senior secured loans.
TPG Institutional Credit Partners priced two new CLO transactions in 2019.
The investment management firm is based in Fort Worth.
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