CELF to refinance/reset €373.2 million Carlyle Global Market Strategies Euro CLO 2013-1 notes

By Cristal Cody

Tupelo, Miss., Feb. 2 – CELF Advisors LLP plans to price €373.2 million of notes in a refinancing and reset of a vintage 2013 euro-denominated collateralized loan obligation offering, according to a market source.

The Carlyle Global Market Strategies Euro CLO 2013-1 BV transaction will sell €236 million of class A-1-R floating-rate notes (/AAA); €56 million of class A-2-R floating-rate notes (/AA); €24 million of class B-R floating-rate notes (/A); €23 million of class C-R floating-rate notes; €20 million of class D-R floating-rate notes; €10 million of class E-R floating-rate notes and an additional €4.2 million of subordinated notes as equity.

As part of the reset, the maturity on the new notes will be extended to April 15, 2030 from the original Aug. 15, 2025 due date.

The refinanced CLO will have a two-year non-call period and a four-year reinvestment period.

Credit Suisse Securities (Europe) Ltd. is the refinancing agent.

CELF Advisors will continue to manage the CLO.

The deal is collateralized primarily by broadly syndicated senior secured loans and bonds.

Proceeds will be used to redeem the original notes.

CELF Advisors priced two new CLOs and refinanced two vintage CLO transactions in 2016.

The London-based CLO manager is part of Washington, D.C.-based Carlyle Group LP.

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