Advising on inaugural €404m Sona Aclai CLO I transaction

We have advised Sona Asset Management on the pricing of Sona Aclai CLO I, a €404m collateralised loan obligation (CLO) transaction.

The transaction is notable as a first-of-its-kind European CLO featuring dual-currency tranches and a hybrid portfolio comprising middle-market loans and broadly syndicated loans. 

The structure reflects Sona's relative-value approach across leveraged credit and represents a novel development in the European CLO market.

Noeleen Ruddy, co-head of our Finance & Capital Markets group, said: 'Congratulations to Sona on the successful pricing of Sona Aclai CLO I. As a first-of-its-kind European CLO featuring dual-currency tranches and a hybrid portfolio of middle-market loans and broadly syndicated loans, the transaction represents an innovative development in the European CLO market.'

Our team in Ireland advised on the Irish legal and tax aspects of the transaction.

The team was led by Noeleen Ruddy, partner, and included Seána Donaghy, of counsel, and Katie Tyrrell, associate, from the Finance & Capital Markets team, together with Padhraic Mulpeter, head of tax and Michael O'Brien, associate, from the Tax team. The team also included Joanna Taylor, country lead, and Alison Galvin, corporate services executive, from Walkes Professional Services and Ken Foley, senior listing executive from Listing Services.