Barclays prices €404M Fair Oaks Loan Funding IV CLO

Barclays has priced the €404 million Fair Oaks Loan Funding IV CLO for Fair Oaks Capital.

Details are as follows:

The deal, which is expected to close Jan. 21, 2022, and includes environmental, social and governance-focused investment criteria, has a non-call period ending July 15, 2023, and a reinvestment period that runs off July 15, 2026. The legal final maturity is Jan. 15, 2035.

The manager as originator will retain a horizontal strip to comply with EU risk retention requirements.

The deal is Fair Oaks' fourth new-issue European CLO and follows the reset of its first three vehicles earlier in 2021.

This latest print takes year-to-date new-issue European CLO volume to €37.41 billion from 91 deals, versus €20.45 billion from 61 deals in the same period of 2020, according to LCD data.