Investcorp Credit Management EU offers €413.5 million Harvest CLO XIX

By Cristal Cody

Tupelo, Miss., April 12 – Investcorp Credit Management EU Ltd. plans to price €413.5 million of notes due April 14, 2031 in a new broadly syndicated collateralized loan obligation deal, according to a market source.

The Harvest CLO XIX DAC deal includes €1.5 million of class X senior secured floating-rate notes (Aaa//AAA/); €248 million of class A senior secured floating-rate notes (Aaa//AAA); €22 million of class B-1 senior secured floating-rate notes (Aa2//AA); €20 million of class B-2 senior secured fixed-rate notes (Aa2//AA); €26 million of class C senior secured deferrable floating-rate notes (A2/A); €22 million of class D senior secured deferrable floating-rate notes (Baa2//BBB); €22 million of class E senior secured deferrable floating-rate notes (Ba2//BB); €12 million of class F senior secured deferrable floating-rate notes (B2//B-) and €40 million of subordinated notes.

Merrill Lynch International is the placement agent.

Investcorp Credit Management EU will manage the CLO.

The CLO has a two-year non-call period and a four-year reinvestment period.

Proceeds will be used to purchase a €400 million portfolio of mostly European leveraged loans and bonds.

The deal is backed primarily by a portfolio of senior secured leveraged loans and senior secured bonds.

The transaction is expected to close on May 24.

In 2017, Investcorp priced two new euro-denominated CLOs and refinanced six vintage European CLOs.

The CLO manager is a subsidiary of Bahrain-based Investcorp Bank BSC.

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