Credit Suisse today priced a €452 million CLO managed by 3i Debt Management Limited, according to market sources.
Pricing details are as follows:
The transaction has been structured as an originator CLO following the European referendum vote. The manager had previously only issued sponsor transactions to meet the European risk-retention requirements.
The closing date is on September 14 with a non-call period running until October 15, 2018 and reinvestment period until October 15, 2020. The final maturity is on October 15, 2029.
This is the second European CLO for 3i this year, having closed the €413 million Harvest XV CLO on May 12. This was structured as a sponsor transaction, with 3i retaining at least 5% of the transaction via the equity tranche. For Volcker, the transaction included voting, non-voting, and non-voting exchangeable tranches.
To date the manager has issued eight European CLO 2.0s since September 2013. As of Sept. 30, 2015, 3i DM managed 35 funds and had total assets under management of roughly $11.3 billion.
Year-to-date issuance is €8.95 billion from 22 transactions. This is the fourth CLO in Europe for a total of €1.74 billion. — Staff reports
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