Cleary Gottlieb represented the initial purchasers and placement agents led by Citigroup Global Markets Limited in Carlyle Capital Corporation Limited’s (CCCL) global offering and listing on Eurolist by Euronext of 18,357,073 Class B shares. The deal is one of the few successful permanent capital vehicle offerings in the alternative asset industry. The shares were offered pursuant to Reg. S outside the U.S. and as restricted depositary shares pursuant to Reg. D and Rule 144A to U.S. investors. The initial offering price per share was $19 and trading began on Eurolist on July 4. The deal priced on July 3 and closed (including the over-allotment option) on July 11.
The deal was the first time a Carlyle Group affiliate has made a public offering of shares. It supplemented $600 million raised by CCCL in a prior private placement that closed in January in which Cleary Gottlieb also represented the placement agents.
Carlyle Capital Corporation Limited is a Guernsey limited company that was formed in August 2006 to invest in a diversified portfolio of fixed income assets of mortgage products and leveraged finance assets. CCCL’s investment portfolio is managed by the Carlyle Group, one of the world’s largest private investment firms.