Intermediate Capital Managers refinances €367.5 million CLO; secondary volume picks up

By Cristal Cody

Tupelo, Miss., Feb. 9 – The European CLO market is cranking up with refinancing action.

Intermediate Capital Managers Ltd., which priced €413.99 million of new notes in the St. Paul’s CLO VII DAC offering on Jan. 30, has also refinanced a €367.5 million vintage CLO.

Nearly €2 billion of euro-denominated CLOs have been refinanced year to date, according to Prospect News data.

Month to date, CLO managers including PGIM, Inc., CELF Advisors LLP and Bain Capital Credit Ltd. have refinanced deals.

In the secondary market, Trace-reported trading volume rose on Wednesday.

The market saw $123.2 million of investment-grade CBO/CDO/CLO issues traded, up from $59.8 million on Tuesday and $19.65 million on Monday.

In the non-investment-grade secondary market, volume rose to $170.1 million of securities traded on Wednesday from $106.7 million on Tuesday and $79.2 million on Monday.

Intermediate Capital active

Intermediate Capital Managers sold €367.5 million of notes due Feb. 15, 2030 in a refinancing of the St. Paul’s CLO II DAC transaction, according to a market source.

The CLO priced €241.5 million of class A-R floating-rate notes at Euribor plus 103 basis points in the senior tranche.

Morgan Stanley & Co. International plc arranged the deal.

The maturity on the refinanced notes was extended from the original Aug. 15, 2026 maturity.

Intermediate Capital Managers, a London-based investment management firm, has priced one new CLO deal and refinanced one vintage CLO year to date.

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