By Cristal Cody
Tupelo, Miss., Aug. 22 – MeDirect Bank (Malta) plc priced €406.51 million of notes due March 15, 2032 in the debut Grand Harbour CLO 2019-1 DAC collateralized loan obligation transaction that closed on Thursday, according to a market source.
The CLO sold €250 million of class A senior secured floating-rate notes at Euribor plus 120 basis points, €13 million of class B-1 senior secured floating-rate notes at Euribor plus 195 bps and €20 million of 2.6% class B-2 senior secured fixed-rate notes.
Grand Harbour priced €26 million of class C senior secured deferrable floating-rate notes at Euribor plus 275 bps, €28 million of class D senior secured deferrable floating-rate notes at Euribor plus 410 bps, €23 million of class E senior secured deferrable floating-rate notes at Euribor plus 601 bps, €10.8 million of class F senior secured deferrable floating-rate notes at Euribor plus 863 bps and €35.71 million of subordinated notes.
The class A through class D notes priced at par, while the class E notes priced at 95 and the class F notes priced at 93.
Barclays was the placement agent.
MeDirect Bank will manage the CLO.
The CLO is collateralized primarily by broadly syndicated senior secured obligations.
MeDirect Bank is a Sliema, Malta-based bank and financial services company.
| Issuer: | Grand Harbour CLO 2019-1 DAC
|
| Amount: | €406.51 million
|
| Maturity: | March 15, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | MeDirect Bank (Malta) plc
|
| Pricing date: | June 27
|
| Settlement date: | Aug. 22
|
|
|
| Class A notes
|
| Amount: | €250 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 120 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €13 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 195 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.6%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 275 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 410 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 601 bps
|
| Price: | 95
|
| Ratings: | Moody’s: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €10.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 863 bps
|
| Price: | 93
|
| Ratings: | Moody’s: B3
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €35.71 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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