Intermediate Capital Group readies €500 million St Paul's CLO III

By Cristal Cody

Tupelo, Miss., Oct. 4 - Intermediate Capital Group plc is finalizing details to bring about €500 million of notes in the previously announced St Paul's CLO III Ltd. European deal, according to an informed source.

J.P. Morgan Securities LLC is the placement agent.

Intermediate Capital Managers Ltd., a subsidiary of Intermediate Capital Group, will manage the CLO.

The London-based investment firm priced the €400 million St Paul's CLO II Ltd. transaction in July with spreads that ranged from Euribor plus 135 basis points on the AAA rated tranche to Euribor plus 550 bps on the BB+ rated notes.

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