Intermediate Capital Managers resets €327 million CLO; refinancings outpace new issues

By Cristal Cody

Tupelo, Miss., July 20 – Intermediate Capital Managers Ltd. refinanced €327 million of notes in a reset of a 2014 vintage CLO offering.

The London-based investment management firm has priced one new CLO deal and refinanced two vintage CLOs year to date.

More than €14 billion of euro-denominated CLOs have been refinanced in 2017, while new issue volume remains less than €10 billion year to date, according to market sources.

St. Paul’s CLO refinances

Intermediate Capital Managers refinanced €327 million of notes from the St. Paul’s CLO V DAC transaction, according to a market source.

The CLO manager priced nine tranches in the deal, including €201 million of class A-R senior secured floating-rate notes at Euribor plus 90 basis points.

Credit Suisse Securities (Europe) Ltd. arranged the transaction.

The maturity on the refinanced notes was extended to 2030 from the original 2027 maturity.

In the original deal priced on Aug. 1, 2014, the CLO sold €208.5 million of class A secured floating-rate notes at Euribor plus 134 bps.

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