By Cristal Cody
Eureka Springs, Ark., May 31 – Intermediate Capital Managers Ltd. priced €412.8 million of notes due June 11, 2029 in a new euro-denominated collateralized loan obligation deal, a market source said.
St Paul’s CLO VI D.A.C. sold €245 million of class A-1 senior secured floating-rate notes at Euribor plus 143 basis points, €34 million of class A-2A floating-rate notes at Euribor plus 215 bps and €10 million of 2.29% class A-2B senior secured fixed-rate notes.
The CLO also priced €24 million of class B senior secured deferrable floating-rate notes at Euribor plus 300 bps; €18.5 million of class C senior secured floating-rate notes at Euribor plus 420 bps; €28 million of class D senior secured floating-rate notes at Euribor plus 650 bps; €11 million of class E senior secured floating-rate notes at Euribor plus 725 bps and €42.3 million of subordinated notes.
Citigroup Global Markets Ltd. was the placement agent.
Intermediate Capital Managers will manage the CLO.
The deal is backed primarily by senior secured loans and senior secured bonds.
Intermediate Capital Managers is a Paris-based investment firm and subsidiary of London-based Intermediate Capital Group plc, which last priced a euro-denominated CLO on Aug. 1, 2014.
| Issuer: | St Paul’s CLO VI D.A.C.
|
| Amount: | €412.8 million
|
| Maturity: | June 11, 2029
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | Intermediate Capital Managers Ltd.
|
| Pricing date: | May 20
|
| Settlement date: | June 10
|
|
|
| Class A-1 notes
|
| Amount: | €245 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 143 bps
|
| Price: | 99.90
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA expected
|
|
|
| Class A-2A notes
|
| Amount: | €34 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 215 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA expected
|
|
|
| Class A-2B notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.29%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA expected
|
|
|
| Class B notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Price: | 99.3
|
| Ratings: | Moody’s: A2
|
| Fitch: A expected
|
|
|
| Class C notes
|
| Amount: | €18.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 420 bps
|
| Price: | 98.6
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB expected
|
|
|
| Class D notes
|
| Amount: | €28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 650 bps
|
| Price: | 96.05
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB expected
|
|
|
| Class E notes
|
| Amount: | €11 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 725 bps
|
| Price: | 81.6
|
| Ratings: | Moody’s: B2
|
| Fitch: B- expected
|
|
|
| Equity
|
| Amount: | €42.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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