By Rebecca Melvin
New York, July 1 – 3i Debt Management Investments Ltd. priced a €413 million collateralized loan obligation deal, according to a market source.
Harvest CLO XII Ltd. sold €229.75 million of class A-1 floating-rate notes at Euribor plus 134 basis points; €5 million of 1.84% class A-2 fixed-rate notes; €37.75 million of class B-1 floating-rate notes at Euribor plus 205 bps; €13 million of 2.79% class B-2 fixed-rate notes; €26.5 million of class C floating-rate notes at Euribor plus 265 bps; €20.5 million of class D floating-rate notes at Euribor plus 325 bps; €23.5 million of class E floating-rate notes at Euribor plus 475 bps and €14 million of class F floating-rate notes at Euribor plus 624 bps.
The deal included €43 million of subordinated notes in the equity tranche.
Merrill Lynch International was the arranger.
3i Debt Management will manage the CLO, which is backed primarily by syndicated senior secured loans.
The CLO is non-callable until Aug. 18, 2017. The reinvestment period ends Aug. 18, 2019.
The notes are due Aug. 18, 2028.
3i Debt Management brought a euro-denominated CLO transaction in February and three euro-denominated CLO transactions in 2014.
Issuer: | Harvest CLO XII Ltd.
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Amount: | €413 million
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Maturity: | Aug. 18, 2028
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Arranger: | Merrill Lynch International
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Manager: | 3i Debt Management Investments Ltd.
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Call feature: | Aug. 18, 2017
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Pricing date: | June 26
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Settlement date: | Aug. 6
|
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Class A-1 notes
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Amount: | €229.75 million
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Securities: | Floating-rate notes
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Coupon: | Euribor plus 134 bps
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Rating: | Standard & Poor’s: AAA
|
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Class A-2 notes
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Amount: | €5 million
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Securities: | Fixed-rate notes
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Coupon: | 1.85%
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Rating: | Standard & Poor’s: AAA
|
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Class B-1 notes
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Amount: | €37.75 million
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Securities: | Floating-rate notes
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Coupon: | Euribor plus 205 bps
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Rating: | Standard & Poor’s: AA
|
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Class B-2 notes
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Amount: | €13 million
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Securities: | Fixed-rate notes
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Coupon: | 2.79%
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Rating: | Standard & Poor’s: AA
|
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Class C notes
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Amount: | €26.5 million
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Securities: | Floating-rate notes
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Coupon: | Euribor plus 265 bps
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Rating: | Standard & Poor’s: A
|
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Class D notes
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Amount: | €20.5 million
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Securities: | Floating-rate notes
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Coupon: | Euribor plus 365 bps
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Rating: | Standard & Poor’s: BBB
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Class E notes
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Amount: | €23.5 million
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Securities: | Floating-rate notes
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Coupon: | Euribor plus 475 bps
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Rating: | Standard & Poor’s: BB
|
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Class F notes
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Amount: | €14 million
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Securities: | Floating-rate notes
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Coupon: | Euribor plus 624 bps
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Rating: | Standard & Poor’s: B-
|
|
Equity tranche
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Amount: | €43 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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