LONDON, 12 May 2017 – Spire Partners LLP (“Spire” or the “Company”) announced the successful closing of its third European collateralised loan obligation (“CLO”), Aurium CLO III, today. The €387.4 million CLO, was arranged by Barclays, and the notes are listed on the Irish Stock Exchange.
Aurium CLO III Designated Activity Company predominantly invests in senior secured, broadly syndicated non-investment grade credit, supporting corporates headquartered, or with significant operations, in Europe. The vehicle has the ability to invest in inter alia leverage loans, floating rate notes and fixed rate high yield bonds. Aurium CLO III complies with European risk retention regulation through Spire retaining 5% of each class of rated and unrated notes.
Oliver Drummond Smith, Partner and one of Spire’s Portfolio Managers said: “We are delighted to announce the successful closing of our third CLO. We are grateful to our investors, both existing and new, for their continued support and confidence in us. The fundraising builds on the success of our second CLO raised last year, and takes our CLO platform through the €1 billion AuM threshold.”
Spire’s second CLO, Aurium CLO II, was raised in June 2016, and had the tightest AAA pricing of an European CLO priced so far that year. It has subsequently been awarded GlobalCapital’s European Deal of the Year 2016, Private Debt Investor’s Global CLO of the Year and Best New European CLO 2016 at the recent Creditflux Manager Awards.