By Cristal Cody
Tupelo, Miss., Feb. 26 - 3i Debt Management Investments Ltd. sold an upsized €425 million of notes due April 30, 2026 in the Harvest VIII CLO Ltd. collateralized loan obligation transaction, according to an informed source on Wednesday.
The CLO priced €243 million of class A floating-rate notes (//AAA) at Euribor plus 140 basis points; €47 million of class B floating-rate notes (//AA) at Euribor plus 190 bps; €27 million of class C floating-rate notes (//A) at Euribor plus 235 bps; €21 million of class D floating-rate notes (//BBB) at Euribor plus 325 bps; €31 million of class E floating-rate notes (//BB) at Euribor plus 450 bps; €10 million of class F floating-rate notes (//B) at Euribor plus 525 bps and €46 million of subordinated notes.
The deal was upsized from about €310 million.
Resource Capital Markets, Inc. and RBS Securities Inc. arranged the offering.
3i Debt Management Investments will manage the CLO, which is backed primarily by European senior secured loans and senior secured bonds.
The CLO has a two-year non-call period and a four-year reinvestment period.
Proceeds from the deal will be used to purchase a €412 million portfolio of European leveraged loans and bonds.
3i, part of London-based 3i Group plc, priced the €309.6 million Harvest CLO VII Ltd. transaction in August.
| Issuer: | Harvest CLO VIII Ltd.
|
| Amount: | €425 million
|
| Maturity: | April 30, 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agents: | Resource Capital Markets, Inc., RBS Securities Inc.
|
| Manager: | 3i Debt Management Investments Ltd.
|
| Call feature: | 2016
|
| Pricing date: | Feb. 25
|
|
|
| Class A notes
|
| Amount: | €243 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €47 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 190 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €27 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 235 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | €21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 325 bps
|
| Rating: | Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €31 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 450 bps
|
| Rating: | Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 525 bps
|
| Rating: | Fitch: B
|
|
|
| Equity tranche
|
| Amount: | €46 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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