By Cristal Cody
Tupelo, Miss., Feb. 20 – Intermediate Capital Managers Ltd. priced €410.65 million of notes due April 15, 2033 in the St. Paul’s CLO XII DAC broadly syndicated collateralized loan obligation transaction, according to market sources.
St. Paul’s CLO XII sold €2 million of class X floating-rate notes at Euribor plus 35 basis points, €244 million of class A floating-rate notes at Euribor plus 92 bps, €14 million of class B-1 floating-rate notes at Euribor plus 160 bps and €30 million of 1.9% class B-2 fixed-rate notes.
The CLO also priced €22.5 million of class C-1 floating-rate notes at Euribor plus 200 bps; €7.5 million of 2.1% class C-2 fixed-rate notes; €24 million of class D floating-rate notes at Euribor plus 320 bps; €20 million of class E floating-rate notes at Euribor plus 532 bps; $11 million of class F floating-rate notes at Euribor plus 805 bps and €35.65 million of subordinated notes.
Citigroup Global Markets Ltd. was the placement agent.
Intermediate Capital Managers will manage the CLO.
The CLO is collateralized primarily by broadly syndicated senior secured loans and bonds.
Intermediate Capital Managers is a London-based investment management firm.
| Issuer: | St. Paul’s CLO XII DAC
|
| Amount: | €410.65 million
|
| Maturity: | April 15, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | Intermediate Capital Managers Ltd.
|
| Pricing date: | Feb. 18
|
| Settlement date: | March 15
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 35 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €244 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 92 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €14 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €30 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.9%
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | €22.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Ratings: | S&P: A
|
| Fitch: A
|
|
|
| Class C-2 notes
|
| Amount: | €7.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.1%
|
| Ratings: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 320 bps
|
| Ratings: | S&P: BBB
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 532 bps
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €11 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 805 bps
|
| Ratings: | S&P: B-
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €35.65 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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