Intermediate Capital Managers, Investcorp, CELF, Seix, MidOcean reprice euro, U.S. CLOs

By Cristal Cody

Tupelo, Miss., Jan. 31 – While the new deal pipeline is slow to start in 2018, European and U.S. CLO refinancing action is underway with details out on several deals brought to the market in January.

Intermediate Capital Managers Ltd. priced €562.6 million of notes in a refinancing of a 2013 CLO.

Investcorp Credit Management EU Ltd. reset €427.2 million of notes from a vintage 2014 deal.

Also, CELF Advisors LLP priced €410 million of notes in a refinancing of a 2014 euro-denominated CLO.

In U.S. pricing action, Seix Investment Advisors LLC repriced $350 million of notes from a 2015 CLO.

MidOcean Credit Fund Management LP refinanced $296.4 million of notes from a 2013 offering.

In its deal, Intermediate Capital Managers 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.

At the top of the capital structure, the CLO sold €330 million of class 3A-R senior secured floating-rate notes at Euribor plus 75 basis points.

Deutsche Bank AG, London Branch was the refinancing placement agent.

The maturity on the refinanced notes was extended to Jan. 15, 2032 from the original Jan. 14, 2028 maturity.

The original €556.5 million transaction was issued on Dec. 4, 2013.

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