Carlyle closes €350 million CLO, plans more European CLOs in 2013

By Cristal Cody

Tupelo, Miss., June 17 - The Carlyle Group said on Monday that it closed its €350 million collateralized loan obligation offering of notes due Aug. 15, 2025, the first of more European offerings it plans to bring as the market reopens following the 2008 financial crisis.

Carlyle Global Market Strategies Euro CLO 2013-1 BV sold €210 million of class A notes (/AAA/); €29.5 million of class B-1 notes (/AA/); €9 million of class B-2 notes (/AA/); €10 million of class C-1 notes (/A/); €9,825,000 of class C-2 notes (/A/); €7 million of class D-1 notes (/BBB/); €8,175,000 of class D-2 notes (/BBB/); €24.5 million of class E notes (/BB/); €24.5 million of class S-1 notes and €17.5 million of class S-2 notes.

Final pricing terms were not available.

Barclays arranged the transaction.

CELF Advisors LLP, which independently advises Carlyle's European structured credit funds, is the CLO manager.

Carlyle Global Market Strategies Euro CLO 2013-1 will invest predominantly in new issue and secondary market European senior secured bank loans.

The cash-flow CLO is backed by a revolving pool of broadly syndicated senior secured loans and bonds.

Carlyle made its first European CLO purchase in February 2012 when it acquired management contracts on €2.1 billion in European CLO assets from Highland Capital Management.

"We are pleased to be at the forefront of the re-emergence of the European CLO market and our intention is to be a repeat issuer similar to our U.S. CLO business," Colin Atkins, head of European structured credit at Carlyle, said in a statement.

The Washington, D.C.-based private equity firm's structured credit/CLO business includes $16.7 billion in assets under management, €4.7 billion of which are in Europe.

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