By Cristal Cody
Tupelo, Miss., Nov. 14 - Additional details emerged for Intermediate Capital Group plc's new €556.5 million St. Paul's CLO III Ltd. deal, according to an informed source on Thursday.
The CLO priced €326.7 million of class A senior secured floating-rate notes (/AAA/AAA) with a spread of 145 basis points over Euribor at the top of the capital structure.
The CLO also sold €64.9 million of class B floating-rate notes (/AA/AA) with a 200 bps spread over Euribor; €32.4 million of class C floating-rate notes (/A/A) at a coupon of Euribor plus 300 bps; €26.4 million of class D floating-rate notes (/BBB/BBB) at Euribor plus 415 bps; €33 million of class E floating-rate notes (/BB/BB) at a spread of 550 bps over Euribor; €15.4 million of class F floating-rate notes (/B/B-) at 600 bps over Euribor and €57.7 million of subordinated notes.
J.P. Morgan Securities LLC and Royal Bank of Scotland plc were co-arrangers.
The notes are due Jan. 14, 2028.
The CLO will be managed by Intermediate Capital Managers, Ltd., a subsidiary of investment firm Intermediate Capital Group.
The CLO is backed primarily by senior secured loans and bonds and floating-rate notes.
The offering has a two-year non-call period and a four-year reinvestment period.
Intermediate Capital plans to use the proceeds to purchase a €549 million portfolio of European leveraged loans and bonds.
The London-based firm was last in the European primary market in July when it priced the €400 million St. Paul's CLO II Ltd. transaction.
| Issuer: | St. Paul's CLO III Ltd.
|
| Amount: | €556.5 million
|
| Maturity: | Jan. 14, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agents: | J.P. Morgan Securities LLC and The Royal Bank of Scotland PLC
|
| Manager: | Intermediate Capital Managers, Ltd.
|
| Call feature: | January 2016
|
| Pricing date: | Nov. 7
|
| Settlement date: Dec. 4
|
|
|
| Class A notes
|
| Amount: | €326.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 145 bps
|
| Ratings: | Standard & Poor's: AAA
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €64.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Ratings: | Standard & Poor's: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €32.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Ratings: | Standard & Poor's: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €26.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 415 bps
|
| Ratings: | Standard & Poor's: BBB
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €33 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 550 bps
|
| Ratings: | Standard & Poor's: BB
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €15.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 600 bps
|
| Ratings: | Standard & Poor's: B
|
| Fitch: B-
|
|
|
| Equity tranche
|
| Amount: | €57.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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