Intermediate Capital Managers to price €414 million St. Paul’s CLO VIII

By Cristal Cody

Tupelo, Miss., Nov. 13 – Intermediate Capital Managers Ltd. is expected to price €414 million of notes due Jan. 17, 2031 in the St. Paul’s CLO VIII DAC transaction, according to a market source.

The deal includes €244 million of class A senior secured floating-rate notes (Aaa//AAA), €27 million of class B1 senior secured floating-rate notes (Aa2//AA), €20 million of class B2 senior secured floating-rate notes (Aa2//AA), €23 million of class C senior secured deferrable floating-rate notes (A2//A), €21 million of class D senior secured deferrable floating-rate notes (Baa2//BBB), €25 million of class E senior secured deferrable floating-rate notes (Ba2//BB), €12 million of class F senior secured deferrable floating-rate notes (B2//B-) and €42 million of subordinated notes.

Merrill Lynch International is the placement agent.

Intermediate Capital Managers will manage the CLO.

The CLO has a two-year non-call period and a four-year reinvestment period.

Proceeds will be used to purchase a portfolio of mostly European leveraged loans and bonds.

The CLO is collateralized primarily by senior secured loans and bonds.

Intermediate Capital Managers, a London-based investment management firm, has priced one new CLO deal and refinanced two vintage CLOs year to date.

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