By Cristal Cody
Tupelo, Miss., Nov. 8 - Intermediate Capital Group plc priced €556.5 million of notes due Jan. 14, 2028 in the St. Paul's CLO III Ltd. deal, according to informed sources on Friday.
The transaction included €326.7 million of class A notes (//AAA); €64.9 million of class B notes (//AAA); €32.4 million of class C notes (//A); €26.4 million of class D notes (//BBB); €33 million of class E notes (//BB); €15.4 million of class F notes (//B-) and €57.7 million of subordinated notes.
Pricing terms were not immediately available.
J.P. Morgan Securities LLC arranged the offering.
The CLO will be managed by Intermediate Capital Managers, Ltd., a subsidiary of investment firm Intermediate Capital Group.
The CLO is backed primarily by senior secured loans and bonds and floating-rate notes.
The deal has a two-year non-call period and a four-year reinvestment period.
London-based Intermediate Capital plans to use the proceeds to purchase a €549 million portfolio of European leveraged loans and bonds.
The transaction is the firm's second European CLO to price in 2013. Intermediate Capital Group brought the €400 million St. Paul's CLO II Ltd. deal in July.
| Issuer: | St. Paul's CLO III Ltd.
|
| Amount: | €556.5 million
|
| Maturity: | Jan. 14, 2028
|
| Securities: | Notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Intermediate Capital Managers, Ltd.
|
| Call feature: | 2015
|
| Pricing date: | Nov. 7
|
|
|
| Class A notes
|
| Amount: | €326.7 million
|
| Securities: | Notes
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €64.9 million
|
| Securities: | Notes
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €32.4 million
|
| Securities: | Notes
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | €26.4 million
|
| Securities: | Notes
|
| Rating: | Fitch: BBB
|
|
|
| Class F notes
|
| Amount: | €15.4 million
|
| Securities: | Notes
|
| Rating: | Fitch: B-
|
|
|
| Equity tranche
|
| Amount: | €57.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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