By Cristal Cody
Tupelo, Miss., Feb. 9 – Intermediate Capital Managers Ltd. 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; €40 million of class B-R floating-rate notes at Euribor plus 160 bps, €28.5 million of class C-R floating-rate notes at Euribor plus 240 bps, €21.5 million of class D-R floating-rate notes at Euribor plus 340 bps; €25 million of class E-R floating-rate notes at Euribor plus 550 bps and €11 million of class F floating-rate notes at Euribor plus 730 bps.
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.
| Issuer: | St. Paul’s CLO II DAC
|
| Amount: | €367.5 million refinancing
|
| Maturity: | Feb. 15, 2030
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. International plc
|
| Manager: | Intermediate Capital Managers Ltd.
|
| Pricing date: | Feb. 9
|
|
|
| Class A-R notes
|
| Amount: | €241.5 million
|
| Coupon: | Euribor plus 103 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | €40 million
|
| Coupon: | Euribor plus 160 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | €28.5 million
|
| Coupon: | Euribor plus 240 bps
|
| Rating: | Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | €21.5 million
|
| Coupon: | Euribor plus 340 bps
|
| Rating: | Fitch: BBB
|
|
|
| Class E-R notes
|
| Amount: | €25 million
|
| Coupon: | Euribor plus 550 bps
|
| Rating: | Fitch: BB
|
|
|
| Class F-R notes
|
| Amount: | €11 million
|
| Coupon: | Euribor plus 730 bps
|
| Rating: | Fitch: B-
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
