Spire Partners Prices 1st New Issue Euro CLO of March

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Spire Partners priced the first new Euro-denominated collateralized loan obligation of for March on Friday, the €348 million Aurium CLO III, according to a report published Monday by Moody's Investors Service.

Moody's is provisionally rating seven classes of notes to be issued in the trasaction, including the triple-A $220 million Class A senior notes due 2030.

Aurium III is a managed cash flow CLO. At least 90% of the portfolio must consist of secured senior loans or senior secured bonds and up to 10% of the portfolio may consist of unsecured senior loans, second lien loans, high yield bonds and mezzanine loans.

The deal is expected to be 65% ramped up by its closing date; the rest of the collateral will be acquired during the following six months.

The deal has a four-year reinvestment period.

It represents the fourth new issue of 2017, and the first since Blackstone/GSO priced its €414.5 million deal on February 17.

There were also three refinancings of Euro-denominated CLOs last week.  BNP Paribas Asset Management refinanced its €248 million BNPP IP CLO 2015-1 transaction through Citigroup, while Alcentra priced a reset of its €416 million Jubilee CLO 2014-XI deal through Morgan Stanley, according to JPMorgan.

And KKR Credit Advisors refinanced the €370 million Avoca CLO XII transaction originally issued in 2014.

Altogether, the three deals bring the number of Euro-denomiated transactions priced in March to seven transactions totaling €2.5 billion, including new issues and refinancings, according to JPMorgan. For the year to date, the total is 17 deals with a notional value €6.8 billion.

That compares to just three deals totaling €1.2 billion at the same period of 2016.

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