By Cristal Cody
Tupelo, Miss., March 6 - Intermediate Capital Group plc priced an upsized €435.12 million collateralized loan obligation offering in the European market, according to an informed source on Thursday.
The deal was upsized from €360 million.
In the offering, St. Paul's CLO IV Ltd. priced $248.3 million of class A-1 senior secured floating-rate notes at Euribor plus 140 basis points and €55.75 million of class A-2 floating-rate notes at Euribor plus 180 bps.
Lower in the capital structure, the CLO sold €23.5 million of class B floating-rate notes at Euribor plus 260 bps, €21 million of class C floating-rate notes at Euribor plus 340 bps, €29 million of class D floating-rate notes at Euribor plus 480 bps and €14 million of class E floating-rate notes at Euribor plus 600 bps.
The deal included €43.57 million of subordinated notes in the equity tranche.
Deutsche Bank AG, London Branch arranged the offering.
Intermediate Capital Managers, Ltd., a subsidiary of Intermediate Capital Group, will manage the CLO.
Intermediate Capital Group was in the European primary market twice in 2013 with the €400 million St. Paul's CLO II Ltd. transaction and the €556.5 million St. Paul's CLO III Ltd. deal.
The investment firm is based in London.
| Issuer: | St. Paul's CLO IV Ltd.
|
| Amount: | €435.12 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank AG, London Branch
|
| Manager: | Intermediate Capital Managers, Ltd.
|
| Pricing date: | March 6
|
|
|
| Class A-1 notes
|
| Amount: | €248.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Ratings: | Standard & Poor's: Expected AAA
|
| Fitch: Expected AAA
|
|
|
| Class A-2 notes
|
| Amount: | €55.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Ratings: | Standard & Poor's: Expected AA
|
| Fitch: Expected AA
|
|
|
| Class B notes
|
| Amount: | €23.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 260 bps
|
| Ratings: | Standard & Poor's: Expected A
|
| Fitch: Expected A
|
|
|
| Class C notes
|
| Amount: | €21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 340 bps
|
| Ratings: | Standard & Poor's: Expected BBB
|
| Fitch: Expected BBB
|
|
|
| Class D notes
|
| Amount: | €29 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 480 bps
|
| Ratings: | Standard & Poor's: Expected BB
|
| Fitch: Expected BB
|
|
|
| Class E notes
|
| Amount: | €14 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 600 bps
|
| Ratings: | Standard & Poor's: Expected B
|
| Fitch: Expected B-
|
|
|
| Equity tranche
|
| Amount: | €43.57 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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