By Cristal Cody
Eureka Springs, Ark., March 29 – 3i Debt Management Investments Ltd. sold €413 million of notes due May 22, 2029 in a collateralized loan obligation offering, according to a market source on Tuesday.
Harvest CLO XV Designated Activity Co. priced €232 million of class A floating-rate notes at Euribor plus 150 basis points; €54 million of B floating-rate notes at Euribor plus 225 bps; €26 million of class C floating-rate notes at Euribor plus 335 bps; €21 million of class D floating-rate notes at Euribor plus 475 bps; €25 million of class E floating-rate notes at Euribor plus 650 bps; €13 million of class F floating-rate notes at Euribor plus 750 bps and €42 million of subordinated notes.
Resource Capital Markets, Inc. and RBC Capital Markets LLC arranged the transaction.
3i Debt Management Investments will manage the CLO.
The CLO is non-callable though May 22, 2018. The reinvestment period ends May 22, 2020.
The deal is backed by broadly syndicated senior secured loans.
3i Debt Management, the affiliate of London-based 3i Group plc, priced three euro-denominated CLOs in 2015.
| Issuer: | Harvest CLO XV Designated Activity Co.
|
| Amount: | €413 million
|
| Maturity: | May 22, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agents: | Resource Capital Markets, Inc. and RBC Capital Markets LLC
|
| Manager: | 3i Debt Management Investments Ltd.
|
| Call feature: | May 22, 2018
|
| Pricing date: | March 29
|
| Settlement date: | May 12
|
|
|
| Class A notes
|
| Amount: | €232 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Three-month Euribor plus 150 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | €54 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Three-month Euribor plus 225 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | €26 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Three-month Euribor plus 335 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | €21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Three-month Euribor plus 475 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | €25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Three-month Euribor plus 650 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class F notes
|
| Amount: | €13 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Three-month Euribor plus 750 bps
|
| Rating: | Standard & Poor’s: B-
|
|
|
| Equity
|
| Amount: | €42 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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