By Cristal Cody
Tupelo, Miss., Sept. 19 - Carlyle Global Market Strategies Euro CLO 2013-2, Ltd. upsized its offering of notes due Sept. 28, 2026 to €335.9 million from €299 million, according to an informed source on Thursday.
The CLO priced €179 million of class A-1 floating-rate notes (/Expected AAA/AAA) at Euribor plus 135 basis points; €31.5 million of class A-2A floating-rate notes (/Expected AA/AA) at Euribor plus 200 bps; €19.9 million of 3.79% class A-2B fixed-rate notes (/Expected AA/AA); €19.4 million of class B floating-rate notes (/Expected A/A) at Euribor plus 325 bps; €18.8 million of class C floating-rate notes (/Expected BBB/BBB) at Euribor plus 400 bps; €19.9 million of class D floating-rate notes (/Expected BB/BB) at Euribor plus 500 bps; €7.8 million of class E floating-rate notes (/Expected B/B-) at Euribor plus 550 bps; and €39.6 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
CELF Advisors LLP, part of the Carlyle Group LP, will manage the CLO, which is backed by senior secured obligations.
The CLO has a two-year non-call period and a reinvestment period scheduled to end in 2017.
Proceeds from the sale will be used to purchase a €325 million portfolio of European leveraged loans and bonds.
The deal is Carlyle's second European CLO transaction of the year, following the €350 million Carlyle Global Market Strategies Euro CLO 2013-1 BV offering in June.
| Issuer: | Carlyle Global Market Strategies Euro CLO 2013-2, Ltd.
|
| Amount: | €335.9 million
|
| Maturity: | Sept. 28, 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | CELF Advisors LLP
|
| Call feature: | 2015
|
| Pricing date: | Sept. 17
|
|
|
| Class A-1
|
| Amount: | €179 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 135 bps
|
| Ratings: | Standard & Poor's: Expected AAA
|
| Fitch: AAA
|
|
|
| Class A-2A
|
| Amount: | €31.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Ratings: | Standard & Poor's: Expected AA
|
| Fitch: AA
|
|
|
| Class A-2B
|
| Amount: | €19.9 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.79%
|
| Ratings: | Standard & Poor's: Expected AA
|
| Fitch: AA
|
|
|
| Class B
|
| Amount: | €19.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 325 bps
|
| Ratings: | Standard & Poor's: Expected A
|
| Fitch: A
|
|
|
| Class C
|
| Amount: | €18.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 400 bps
|
| Ratings: | Standard & Poor's: Expected BBB
|
| Fitch: BBB
|
|
|
| Class D
|
| Amount: | €19.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 500 bps
|
| Ratings: | Standard & Poor's: Expected BB
|
| Fitch: BB
|
|
|
| Class E
|
| Amount: | €7.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 550 bps
|
| Ratings: | Standard & Poor's: Expected B
|
| Fitch: B-
|
|
|
| Equity tranche
|
| Amount: | €39.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
