Article
€1.38B of CLO Holdings Across 50 Managers Exposed to Stark Group Loan Selloff
The company had €93 million of cash on its balance sheet as of January and burned €193 million of cash during the first half of fiscal 2026.
Octus’ analysis of Stark Group’s second-quarter 2026 earnings can be viewed here.
The company is currently rated B- by S&P Global Ratings and B3 with a negative outlook by Moody’s Ratings.
In the secondary market, Stark Group’s €1.345 billion term loan B due 2028 was last quoted at 76.14/76.39, down about 12 points from 88 in late February.

| Top 10 European CLO Managers by Exposure to Stark Group | ||
| Manager | Balance (€M) | As Of |
| CVC Credit Partners LLC | 157 | March 4, 2026 |
| Apollo Credit Management LLC | 93.5 | Feb. 28, 2026 |
| Blackstone Inc | 77.5 | March 5, 2026 |
| Invesco Inc. | 69.01 | Feb. 17, 2026 |
| Investcorp B.S.C. | 59.97 | March 9, 2026 |
| Onex Credit Partners LLC | 52.53 | March 6, 2026 |
| Palmer Square Capital Management LLC | 50.37 | Feb. 28, 2026 |
| KKR Financial Advisors LLC | 50.22 | March 10, 2026 |
| PGIM | 48.17 | Feb. 27, 2026 |
| Tikehau Capital Europe Limited | 41.5 | Feb. 27, 2026 |
All top holders maintain exposure in their reinvesting CLOs. Weighted-average triple-C asset percentages for the affected transactions are shown below, with all managers’ exposed CLOs currently passing their overcollateralization tests.
| Top 10 European Holders’ Reinvesting CLO Collateral Performance | |||
| Manager | WA Triple-C Asset (%) | OC Test | As Of |
| CVC Credit Partners LLC | 5.55 | Pass | March 4, 2026 |
| Apollo Credit Management LLC | 1.93 | Pass | Feb. 28, 2026 |
| Blackstone Inc | 5.01 | Pass | March 5, 2026 |
| Invesco Inc. | 4.28 | Pass | March 16, 2026 |
| Investcorp B.S.C. | 4.63 | Pass | March 9, 2026 |
| Onex Credit Partners LLC | 4.28 | Pass | March 6, 2026 |
| Palmer Square Capital Management LLC | 2.3 | Pass | Feb. 28, 2026 |
| KKR Financial Advisors LLC | 3.66 | Pass | Feb. 27, 2026 |
| PGIM | 5.34 | Pass | Feb. 27, 2026 |
| Tikehau Capital Europe Limited | 2.83 | Pass | Feb. 27, 2026 |
Stark Group’s capital structure is shown below.
|
01/31/2026
|
EBITDA Multiple
|
|||
|---|---|---|---|---|
|
(EUR in Millions)
|
Amount
|
Maturity
|
Rate
|
Book
|
|
€371M Revolving Credit Facility
|
–
|
Oct-2027
|
||
|
€1.345B Term Loan B
|
1,345.0
|
Apr-2028
|
EURIBOR + 3.500%
|
|
|
€450M TLB Non fungible Add-On
|
450.0
|
Apr-2028
|
EURIBOR + 5.000%
|
|
|
Total Senior Secured Debt
|
1,795.0
|
5.8x
|
||
|
Lease Liabilities
|
881.0
|
|||
|
Total Lease Liabilities
|
881.0
|
8.7x
|
||
|
Total Debt
|
2,676.0
|
8.7x
|
||
|
Less: Cash and Equivalents
|
(93.0)
|
|||
|
Net Debt
|
2,583.0
|
8.4x
|
||
|
Operating Metrics
|
||||
|
LTM Revenue
|
7,676.0
|
|||
|
LTM Reported EBITDA
|
307.0
|
|||
|
Liquidity
|
||||
|
RCF Commitments
|
371.0
|
|||
|
Less: Letters of Credit
|
(167.0)
|
|||
|
Plus: Cash and Equivalents
|
93.0
|
|||
|
Total Liquidity
|
297.0
|
|||
|
Credit Metrics
|
||||
|
Gross Leverage
|
8.7x
|
|||
|
Net Leverage
|
8.4x
|
|||
|
Notes:
Stark reported 6.7x net senior secured leverage based on €384M LTM January run-rate adjusted EBITDA |
||||
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