By Cristal Cody
Tupelo, Miss., March 17 – Investcorp Credit Management EU Ltd. refinanced €321.7 million of notes in a reset of a euro-denominated collateralized loan obligation first priced in 2013, according to a market source.
Harvest CLO VII Ltd. sold €2 million of class X-R floating-rate notes at Euribor plus 85 basis points; €174.9 million of A-R floating-rate notes at Euribor plus 92 bps; €39.2 million of class B-R floating-rate notes at Euribor plus 150 bps; €21 million of class C-R floating-rate notes at Euribor plus 225 bps; €14.6 million of class D-R floating-rate notes at Euribor plus 340 bps; €18.6 million of class E-R floating-rate notes at Euribor plus 545 bps and €9.4 million of class F floating-rate notes at Euribor plus 744 bps.
The refinanced deal includes the original €42 million of subordinated notes.
J.P. Morgan Securities plc was the refinancing agent.
Investcorp Credit Management EU, formerly known as 3i Debt Management Investments Ltd., will manage the CLO.
The maturity on the refinanced notes was extended to April 12, 2031 from the original Oct. 12, 2025 maturity.
The refinanced CLO has a two-year non-call period and a four-year reinvestment period.
The CLO is collateralized primarily by senior secured loans and bonds.
Investcorp Credit Management EU is a subsidiary of Bahrain-based Investcorp Bank BSC.
| Issuer: | Harvest CLO VII Ltd.
|
| Amount: | €321.7 million
|
| Maturity: | April 12, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | J.P. Morgan Securities plc
|
| Manager: | Investcorp Credit Management EU Ltd.
|
| Call feature: | Two years
|
| Pricing date: | March 8
|
| Settlement date: | April 12
|
|
|
| Class X-R notes
|
| Amount: | €2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 85 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-R notes
|
| Amount: | €174.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 92 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | €39.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | €21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 225 bps
|
| Ratings: | S&P: A
|
| Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | €14.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 340 bps
|
| Ratings: | S&P: BBB
|
| Fitch: BBB
|
|
|
| Class E-R notes
|
| Amount: | €18.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 545 bps
|
| Ratings: | S&P: BB
|
| Fitch: BB
|
|
|
| Class F-R notes
|
| Amount: | €9.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 744 bps
|
| Ratings: | S&P: B-
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €42 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
|
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