St. Paul’s CLO I misallocates payments to class M subordinated notes

By Angela McDaniels

Tacoma, Wash., April 8 – St. Paul’s CLO I BV notified noteholders of a misallocation of payments.

On the Jan. 15 payment date, €1.61 million of interest proceeds were allocated to the holders of its €28.47 million class M subordinated notes due 2023 that should have been applied to a partial redemption of the €211.05 million class A senior secured floating-rate notes due 2023, according to a filing with the London Stock Exchange.

As a result, the issuer will have Clearstream, Luxembourg and Euroclear SA/NV debit the accounts of the class M subordinated noteholders that have been overpaid and credit the accounts of the class A noteholders that have been underpaid.

The issuer said the process may take several weeks to complete.

The notes are part of a collateralized loan obligation deal that also includes €18.8 million of class B senior secured floating-rate notes due 2023, €17.28 million of class C senior secured deferrable floating-rate notes due 2023, €18.05 million of class D senior secured deferrable floating-rate notes due 2023, €6.35 million of class E senior secured deferrable floating-rate notes due 2023, €22,941,520 of class V combination notes due 2023, €5 million of class W combination notes due 2023 and €8 million of class X combination notes due 2023.

St Paul’s CLO I was formerly known as Resource Europe CLO I BV and is based in Amsterdam.

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