By Cristal Cody
Tupelo, Miss., March 6 - Intermediate Capital Group plc priced an upsized €435.12 million collateralized loan obligation offering in the European market, according to an informed source on Thursday.
The deal was upsized from €360 million.
In the offering, St. Paul's CLO IV Ltd. priced $248.3 million of class A-1 senior secured floating-rate notes at Euribor plus 140 basis points and €55.75 million of class A-2 floating-rate notes at Euribor plus 180 bps.
Lower in the capital structure, the CLO sold €23.5 million of class B floating-rate notes at Euribor plus 260 bps, €21 million of class C floating-rate notes at Euribor plus 340 bps, €29 million of class D floating-rate notes at Euribor plus 480 bps and €14 million of class E floating-rate notes at Euribor plus 600 bps.
The deal included €43.57 million of subordinated notes in the equity tranche.
Deutsche Bank AG, London Branch arranged the offering.
Intermediate Capital Managers, Ltd., a subsidiary of Intermediate Capital Group, will manage the CLO.
Intermediate Capital Group was in the European primary market twice in 2013 with the €400 million St. Paul's CLO II Ltd. transaction and the €556.5 million St. Paul's CLO III Ltd. deal.
The investment firm is based in London.
Issuer: | St. Paul's CLO IV Ltd.
|
Amount: | €435.12 million
|
Securities: | Floating-rate and subordinated notes
|
Structure: | Cash flow CLO
|
Placement agent: | Deutsche Bank AG, London Branch
|
Manager: | Intermediate Capital Managers, Ltd.
|
Pricing date: | March 6
|
|
Class A-1 notes
|
Amount: | €248.3 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Euribor plus 140 bps
|
Ratings: | Standard & Poor's: Expected AAA
|
| Fitch: Expected AAA
|
|
Class A-2 notes
|
Amount: | €55.75 million
|
Securities: | Floating-rate notes
|
Coupon: | Euribor plus 180 bps
|
Ratings: | Standard & Poor's: Expected AA
|
| Fitch: Expected AA
|
|
Class B notes
|
Amount: | €23.5 million
|
Securities: | Floating-rate notes
|
Coupon: | Euribor plus 260 bps
|
Ratings: | Standard & Poor's: Expected A
|
| Fitch: Expected A
|
|
Class C notes
|
Amount: | €21 million
|
Securities: | Floating-rate notes
|
Coupon: | Euribor plus 340 bps
|
Ratings: | Standard & Poor's: Expected BBB
|
| Fitch: Expected BBB
|
|
Class D notes
|
Amount: | €29 million
|
Securities: | Floating-rate notes
|
Coupon: | Euribor plus 480 bps
|
Ratings: | Standard & Poor's: Expected BB
|
| Fitch: Expected BB
|
|
Class E notes
|
Amount: | €14 million
|
Securities: | Floating-rate notes
|
Coupon: | Euribor plus 600 bps
|
Ratings: | Standard & Poor's: Expected B
|
| Fitch: Expected B-
|
|
Equity tranche
|
Amount: | €43.57 million
|
Securities: | Subordinated notes
|
Ratings: | Non-rated
|
© 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.