Updated price talk circulates for €410M Cairn CLO XV

Updated price talk has been circulated on the €409.93 million Cairn CLO XV for Cairn Loan Investments, which Jefferies is targeting to price on Feb. 11, according to sources.

Details are as follows:

The deal, which is expected to settle in early April, is offered with a 1.5-year non-call period and a reinvestment period that runs off after around 4.5 years. The weighted average life test is around 8.5 years, while the legal final maturity is around 14 years.

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

Cairn priced two new-issue European CLOs in 2021. The latest was the €408 million Cairn CLO XIV via Goldman Sachs, which priced in September with a triple-A coupon of 100 basis points and a weighted average cost of capital of 184 bps, according to LCD.