Carlyle prices largest BSL CLO deal ever with USD 1.85bn reset

By Shant Fabricatorian

Wednesday, May 13, 2026

Deal	Manager	Arranger	Type	Size ($m)	Non-call	Reinvestment
CBAMR 2017-2	Carlyle Group	BofA	US reset	1850.9	17-Apr-28	17-Apr-31

Carlyle has priced the largest-ever BSL CLO, with a USD 1.85bn reset of a 2017-vintage deal that was previously reset five years ago. Bank of America arranged the repricing of CBAMR 2017-2, which included a USD 400.7m equity injection, to take the total amount of subordinated notes for the transaction to just under USD 560m.

The CLO was originally issued by CBAM in July 2017, with Carlyle purchasing the Eldridge affiliate in 2022. This marks the first time that the deal has been reworked under Carlyle’s management.

The size of the debt tranches remained virtually identical overall compared with the last time the deal was reworked, the size of the debt tranches remained virtually identical overall, at USD 1.45bn, with the difference being accounted for almost entirely by the additional equity funding. The triple As priced at SOFR plus 132bps, tightening in slightly from their previous spread of 119bps above Libor. The weighted cost of capital across the stack came to 169.78 bps above SOFR. Leverage expectedly dropped to 3.32 turns, from 9.14.

The transaction was renewed on a market-standard 2Y/5Y schedule, with reinvestment now set to expire in April 2031.

Golub retains the record for the largest CLO priced overall, with its USD 2.32bn reset of its mid-market issue, Golub Capital Partners 65(M), in March last year.

Tranche	Size ($m)	Rating (M/F)	Par sub (%)	Coupon (S+bps)	DM
X	15.00	Aaa / -	-	95	95
A1-R2	936.00	Aaa / -	40.0	132	132
A2-R2	93.60	- / AAA	34.0	155	155
B-R2	156.00	- / AA	24.0	165	165
C-R2	93.60	- / A	18.0	195	195
D1-R2	85.80	- / BBB-	12.5	285	285
D2-R2	23.40	- / BBB-	11.0	500	500
E-R2	46.80	- / BB-	8.0	568	600
Additional equity	400.70	-	-	-	-
Existing equity	157.50	-	-	-	-