Chicago, March 8 – Investcorp Credit Management EU Ltd. refinanced five classes of notes from its Harvest CLO XX DAC broadly syndicated collateralized loan obligation deal still due Oct. 20, 2031, according to multiple notices.
The refinancing includes €246 million of class A-R senior secured floating-rate notes at Euribor plus 68 basis points (originally 96 bps), €12 million of class B-1-R senior secured floating-rate notes at Euribor plus 140 bps (originally 180 bps), €30 million of class B-2-R 1.6% senior secured fixed-rate notes (originally 2.3%), €27.5 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 210 bps (originally 250 bps) and €20.9 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 310 bps (originally 340 bps).
The issuer will be redeeming the original class A, class B-1, class B-2, class C and class D notes with the new notes.
The original €24 million of class E senior secured deferrable floating-rate notes at Euribor plus 530 bps; €12 million of class F senior secured deferrable floating-rate notes at Euribor plus 742 bps and €36.5 million of subordinated notes will remain outstanding.
Collateral for the notes is 90% senior secured loans.
Investcorp will continue to manage the collateral through the end of the reinvestment period in April 2023.
Investcorp is a subsidiary of Bahrain-based Investcorp Bank BSC.
| Issuer: | Harvest CLO XX DAC
|
| Amount: | €336.4 million
|
| Maturity: | Oct. 20, 2031
|
| Securities: | Floating-rate and fixed-notes
|
| Structure: | Cash flow CLO
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| Manager: | Investcorp Credit Management EU Ltd.
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| Announcement date: | March 8
|
| Settlement date: | April 1
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|
|
| Class A-R notes
|
| Amount: | €246 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 68 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1-R notes
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| Amount: | €12 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Euribor plus 140 bps
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2-R notes
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| Amount: | €30 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 1.6%
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| Rating: | Moody's: Aa2
|
| Fitch: AA
|
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|
| Class C-R notes
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| Amount: | €27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D-R notes
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| Amount: | €20.9 million
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| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 310 bps
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB
|
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