Intermediate Capital details €556.5 million St. Paul's CLO III; 3i readies Jamestown CLO deal

By Cristal Cody

Tupelo, Miss., Nov. 14 - Intermediate Capital Group plc priced its €556.5 million St. Paul's CLO III Ltd. deal with spreads that ranged from 145 basis points over Euribor at the top of the capital structure to 600 bps over Euribor at the bottom of the stack, according to an informed source on Thursday.

In the U.S. CLO primary market, 3i Debt Management U.S. LLC plans to sell $515.9 million of notes in its Jamestown CLO III Ltd. deal, a market source said.

Also in the pipeline, Alcentra NY LLC intends to place $413.85 million of notes due December 2024 in the Shackleton 2013-IV CLO Ltd./Shackleton 2013-IV CLO LLC transaction via JPMorgan Securities LLC, according to an informed source.

The Alcentra offering includes $250.1 million of class A senior secured floating-rate notes (Aaa/AAA/); $46.4 million of class B senior secured floating-rate notes (/AA/); $33.4 million of class C mezzanine secured deferrable floating-rate notes (/A/); $20.3 million of class D mezzanine secured deferrable floating-rate notes (/BBB/); $17.1 million of class E junior secured deferrable floating-rate notes (/BB/); $10.7 million of class F junior secured deferrable floating-rate notes (/B/) and $35.85 million of subordinated notes.

Intermediate details deal

Intermediate Capital Group sold €556.5 million of notes due Jan. 14, 2028 in the St. Paul's CLO III Ltd. deal, a source said.

The CLO priced €326.7 million of class A senior secured floating-rate notes (/AAA/AAA) with a coupon of Euribor plus 145 bps; €64.9 million of class B floating-rate notes (/AA/AA) with a Euribor plus 200 bps coupon; €32.4 million of class C floating-rate notes (/A/A) at 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 Euribor plus 550 bps; €15.4 million of class F floating-rate notes (/B/B-) at Euribor plus 600 bps and €57.7 million of subordinated notes.

J.P. Morgan Securities LLC and The Royal Bank of Scotland PLC were co-arrangers.

The CLO will be managed by Intermediate Capital Managers, Ltd., a subsidiary of investment firm Intermediate Capital Group.

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.

3i to price $515.9 million

Back in the U.S. market, 3i Debt Management is underway with plans to price $515.9 million of notes due Jan. 15, 2026, according to a source.

The Jamestown CLO III deal includes $287.7 million of class A-1a senior secured floating-rate notes (Aaa//); $20 million of class A-1b senior secured fixed-rate notes (Aaa//); $43.9 million of class A-2a senior secured floating-rate notes; $10 million of class A-2b senior secured fixed-rate notes; $45.1 million of class B senior secured deferrable floating-rate notes; $33 million of class C senior secured deferrable floating-rate notes; $21.4 million of class D secured deferrable floating-rate notes and $54.8 million of subordinated notes.

J.P. Morgan Securities LLC is the placement agent.

3i Debt Management, a subsidiary of London-based 3i Group plc, will manage the CLO.

The transaction is expected to close on Dec. 11.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.