By Cristal Cody
Tupelo, Miss., Aug. 16 – Investcorp Credit Management EU Ltd. priced €477.88 million of notes due 2032 in a new European broadly syndicated collateralized loan obligation deal, according to a market source.
Harvest CLO XXII DAC sold €272.25 million of class A floating-rate notes at Euribor plus 110 basis points, €54.5 million of class B floating-rate notes at Euribor plus 180 bps, €31 million of class C floating-rate notes at Euribor plus 245 bps; €26.25 million of class D floating-rate notes at Euribor plus 400 bps; €24 million of class E floating-rate notes at Euribor plus 611 bps and €9.5 million of class F floating-rate notes at Euribor plus 834 bps.
The deal included €16 million of class Z notes and €44.38 million of subordinated notes in the equity tranches.
Citigroup Global Markets Ltd. was the placement agent.
Investcorp Credit Management EU will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by senior secured loans and senior secured bonds.
The CLO manager has priced two euro-denominated CLOs year to date.
Investcorp is a subsidiary of Bahrain-based Investcorp Bank BSC.
| Issuer: | Harvest CLO XXII DAC
|
| Amount: | €477.88 million
|
| Maturity: | 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | Investcorp Credit Management EU Ltd.
|
| Call feature: | Two years
|
| Pricing date: | July 16
|
| Settlement date: | Sept. 5
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A notes
|
| Amount: | €272.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 110 bps
|
| Ratings: | S&P: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €54.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €31 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 245 bps
|
| Ratings: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €26.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 400 bps
|
| Ratings: | S&P: BBB
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 611 bps
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €9.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 834 bps
|
| Ratings: | S&P: B-
|
| Fitch: B-
|
|
|
| Class Z notes
|
| Amount: | €16 million
|
| Securities: | Notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | €44.38 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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