BNP Paribas gains rating agency approval for CLO acquisition

BNP Paribas Leveraged Finance has been confirmed as the new manager of Gillespie CLO, after Moody’s provided rating agency confirmation late last week. The €309 million fund was the only European CLO managed by CIFC following the firm’s merger with Deerfield last year. Creditflux first reported in December that BNP Paribas had agreed a deal to purchase Gillespie CLO from CIFC, see – Fast-growing European manager snaps up another European CLO from a US firm.

BNP Paribas now has seven CLOs under management. These include four of its own Leveraged Finance CLOs, a Versailles CLO taken over from Calyon two years ago and the recently acquired Kintyre CLO from RBS.