Chicago, April 30 – Intermediate Capital Managers Ltd. refinanced €372 million from the St. Paul’s CLO X DAC transaction, according to market sources.
The maturity has been extended to April 23, 2035 from April 22, 2031.
Included are now €245 million of class A senior secured floating-rate notes at Euribor plus 80 basis points, €26 million of class B-1 senior secured floating-rate notes at Euribor plus 160 bps and €15 million of class B-2 2% mezzanine secured deferrable fixed-rate notes.
Lower, there are €23.5 million of class C senior secured deferrable floating-rate notes at Euribor plus 255 bps, €29 million of class D senior secured deferrable floating-rate notes at Euribor plus 375 bps, €21.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 636 bps and €12 million of class F senior secured deferrable floating-rate notes at Euribor plus 879 bps.
Originally, the CLO priced €248 million of class A senior secured floating-rate notes at Euribor plus 114 bps, €30.3 million of class B-1 senior secured floating-rate notes at Euribor plus 185 bps and €5.3 million of 2.45% class B-2 senior secured fixed-rate notes.
The CLO also priced €12.6 million of class C-1 senior secured deferrable floating-rate notes at Euribor plus 275 bps; €15.8 million of 3.1% class C-2 senior secured deferrable fixed-rate notes; €22 million of class D senior secured deferrable floating-rate notes at Euribor plus 400 bps; €24 million of class E senior secured deferrable floating-rate notes at Euribor plus 625 bps; $10.8 million of class F senior secured deferrable floating-rate notes at Euribor plus 880 bps; and €41.3 million of subordinated notes.
The subordinated notes were not part of the refinancing, but remain outstanding.
Intermediate Capital Managers will manage the collateral during the four-year reinvestment period.
Collateral mostly comes from senior secured loans or senior secured bonds.
Intermediate Capital Managers is a London-based investment management firm.
| Issuer: | St. Paul’s CLO X DAC
|
| Issue: | Floating-rate and fixed-rate notes
|
| Structure: | Cash flow CLO
|
| Amount: | €372 million
|
| Maturity: | April 23, 2035
|
| Agent: | Citigroup Global Markets Ltd.
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| Manager: | Intermediate Capital Managers Ltd.
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| Settlement date: | April 22
|
|
|
| Class A notes
|
| Amount: | €245 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 80 bps
|
| Rating: | Moody's: Aaa
|
| S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €26 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Rating: | Moody's: Aa2
|
| S&P: AA
|
|
|
| Class B-2 notes
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| Amount: | €15 million
|
| Securities: | Mezzanine secured deferrable fixed-rate notes
|
| Coupon: | 2%
|
| Rating: | Moody's: Aa2
|
| S&P: AA
|
|
|
| Class C notes
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| Amount: | €23.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 255 bps
|
| Rating: | Moody's: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €29 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 375 bps
|
| Rating: | Moody's: Baa3
|
| S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | €21.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 636 bps
|
| Rating: | Moody's: Ba3
|
| S&P: BB-
|
|
|
| Class F notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 879 bps
|
| Rating: | Moody's: B3
|
| S&P: B-
|
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