Five Arrows sells €297.35 million CLO; Fortress reprices 2017 CLO, eyes reprint

By Cristal Cody

Tupelo, Miss., Aug. 11 – The European CLO primary market remains active, while refinancing action is resuming in the dollar-denominated market.

Five Arrows Managers LLP priced a €297.35 million new euro-denominated CLO offering.

Euro-denominated supply totals about €13 billion year to date, according to market sources.

Meanwhile, the refinancing space is continuing to see activity after a lull started in March due to the pandemic.

Fortress Investment Group LLC affiliate FCOD CLO Management LLC priced a $100 million partial refinancing of notes from a vintage 2017 middle-market CLO.

Also, Fortress plans to refinance two tranches of fixed-rate notes from a vintage 2018 middle-market CLO.

As reported on Monday, MJX Asset Management LLC repriced the fixed-rate tranches from three vintage CLOs issued in 2017 and 2018.

Refinancing volume totals about $23 billion year to date, according to market sources.

In its deal, Five Arrows Managers priced €297.35 million of notes due Jan. 25, 2032 in the CLO, according to market sources.

Contego CLO VIII DAC sold €175.5 million of class A floating-rate notes at Euribor plus 145 basis points in the AAA-rated tranche.

Five Arrows Managers is a London-based subsidiary of the Rothschild Group.

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