Canyon Partners Debuts First European CLO
March 27, 2023
Transaction makes Canyon first new firm to issue a European CLO in 13 months
DALLAS, March 27, 2023 /PRNewswire/ — Canyon Partners (“Canyon”), a $24 billion global alternative investment manager, today announced its entrance into the European collateralized loan obligation (CLO) market through the pricing of the €404 million Canyon Euro CLO 2022-1 on March 13, 2023. The deal was arranged by Jefferies Financial Group Inc. and has a two-year non-call period and a four-year reinvestment period.
Canyon has issued over 30 CLO transactions in the U.S. in the past decade. This deal marks the firm’s first European CLO transaction and makes Canyon the first new manager to price a CLO in Europe in 13 months. Canyon most recently priced a U.S. CLO, Canyon CLO 2022-2, in December 2022 and closed their latest CLO equity fund, Canyon CLO Equity Fund III LP, in August.
“Issuing in Europe is a natural extension of our long-standing capabilities in both the U.S. and Europe,” said Erik Miller, Partner and Co-Head of Canyon’s CLO business. “As a global firm, we look forward to providing a more comprehensive product solution for our partners.”
“There has been strong appetite for this CLO and despite market volatility, we secured attractive pricing across all tranches,” said Martin Downen, Managing Director and Co-Head of Canyon’s CLO business. “With an oversubscribed AAA layer, we are excited by the strong participation from both existing global and new investors.”
About Canyon Partners, LLC
Founded and partner owned since 1990, Canyon employs a deep value, credit intensive approach across its investment platform. Canyon specializes in value-oriented special situation investments for endowments, foundations, pension funds, sovereign wealth funds, family offices and other institutional investors. The firm invests across a broad range of asset classes, including distressed loans, corporate bonds, convertible bonds, securitized assets, direct investments, real estate, arbitrage, and event-oriented equities.
For more information visit: www.canyonpartners.com.