Chicago, Jan. 27 – Intermediate Capital Managers Ltd. reset for €435.3 million a collateralized loan obligation issued by St. Paul’s CLO II DAC, according to multiple notices.
The notes will mature on Oct. 25, 2035.
The CLO now consists of €248 million of class A-R senior secured floating-rate notes at Euribor plus 98 basis points, €26 million of class B-1-R senior secured floating-rate notes at Euribor plus 175 bps, €15 million of class B-2-R 2.15% senior secured fixed-rate notes, €24.2 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 245 bps, €29.4 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 370 bps, €18.4 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 638 bps, €11.3 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 888 bps, €1 million of class Z-R notes and €62 million of subordinated notes.
A frequency switch event could occur, switching to semiannual payments and six-month Euribor.
Intermediate Capital Managers Ltd. will manage the collateral through the end of the five-year reinvestment period.
Intermediate Capital Managers is a London-based investment management firm.
| Issuer: | St. Paul’s CLO II DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €435.3 million
|
| Maturity: | Oct. 25, 2035
|
| Structure: | Cash flow CLO
|
| Manager: | Intermediate Capital Managers Ltd.
|
| Settlement date: | Nov. 16
|
|
|
| Class A-R notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 98 bps
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | €26 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2-R notes
|
| Amount: | €15 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 2.15%
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | €24.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 245 bps
|
| Rating: | S&P: A
|
| Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | €29.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 370 bps
|
| Rating: | S&P: BBB-
|
| Fitch: BBB-
|
|
|
| Class E-R notes
|
| Amount: | €18.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 638 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | €11.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 888 bps
|
| Rating: | S&P: B-
|
| Fitch: B-
|
|
|
| Class Z-R notes
|
| Amount: | €1 million
|
| Securities: | Notes
|
| Rating: | S&P: NR
|
|
|
| Subordinated notes
|
| Amount: | €62 million
|
| Securities: | Subordinated notes
|
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