By Cristal Cody
Tupelo, Miss., Jan. 31 – Intermediate Capital Managers Ltd. priced €562.6 million of notes in the St. Paul’s CLO III-R DAC transaction, a reissue of the St. Paul’s CLO III DAC deal, according to a market source.
The CLO sold €330 million of class 3A-R senior secured floating-rate notes at Euribor plus 75 basis points, €48.8 million of class 3B-1-R senior secured floating-rate notes at Euribor plus 115 bps and €18.4 million of 2.05% class 3B-2-R senior secured fixed-rate notes.
St. Paul’s CLO III-R also priced €30.8 million of class 3C-R senior secured deferrable floating-rate notes at Euribor plus 160 bps, €27.5 million of class 3D-R senior secured deferrable floating-rate notes at Euribor plus 240 bps; €40.8 million of class 3E-R senior secured deferrable floating-rate notes at Euribor plus 443 bps; $16.2 million of class 3F-R senior secured deferrable floating-rate notes at Libor plus 600 bps and €50 million of additional subordinated notes.
Deutsche Bank AG, London Branch was the refinancing placement agent.
Intermediate Capital Managers will continue to manage the CLO.
The maturity on the refinanced notes was extended to Jan. 15, 2032 from the original Jan. 14, 2028 maturity.
In the original €556.5 million transaction issued on Dec. 4, 2013, the CLO sold €326.7 million of class A senior secured floating-rate notes at Euribor plus 145 bps; €64.9 million of class B floating-rate notes at a 200 bps spread over Euribor; €32.4 million of class C floating-rate notes at Euribor plus 300 bps; €26.4 million of class D floating-rate notes at Euribor plus 415 bps; €33 million of class E floating-rate notes at a spread of 550 bps over Euribor; €15.4 million of class F floating-rate notes at 600 bps over Euribor and €57.7 million of subordinated notes.
Proceeds will be used to redeem the original notes.
The CLO is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
Intermediate Capital Managers, a London-based investment management firm, priced one new CLO deal and refinanced three vintage CLOs in 2017.
| Issuer: | St. Paul’s CLO III-R DAC
|
| Amount: | €562.6 million refinancing
|
| Maturity: | Jan. 15, 2032
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Deutsche Bank AG, London Branch
|
| Manager: | Intermediate Capital Managers Ltd.
|
| Settlement date: | Feb. 12
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class 3A-R notes
|
| Amount: | €330.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 75 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class 3B-1-R notes
|
| Amount: | €48.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 115 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class 3B-2-R notes
|
| Amount: | €18.4 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.05%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class 3C-R notes
|
| Amount: | €30.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class 3D-R notes
|
| Amount: | €27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 240 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class 3E-R notes
|
| Amount: | €40.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 443 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class 3F-R notes
|
| Amount: | €16.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 600 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €50 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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