By Cristal Cody
Tupelo, Miss., Aug. 1 – Intermediate Capital Group plc sold €361.4 million of notes due 2027 in a European broadly syndicated collateralized loan obligation deal, according to a market source on Friday.
St. Paul’s CLO V Ltd. priced €208.5 million of class A secured floating-rate notes (Aaa//AAA) at Euribor plus 134 basis points.
The CLO sold €42 million of class B secured floating-rate notes (Aa2//AA+) at Euribor plus 200 bps, €19.7 million of class C secured deferrable floating-rate notes (A2//A+) at Euribor plus 245 bps and €17.5 million of class D secured deferrable floating-rate notes (Baa2//BBB) at Euribor plus 335 bps.
The CLO priced €24.8 million of class E secured deferrable floating-rate notes (Ba2//BB) at Euribor plus 480 bps and €10.5 million of class F secured deferrable floating-rate notes (B2//B-) at Euribor plus 580 bps.
The deal included a €38.4 million equity tranche of subordinated notes.
J.P. Morgan Securities plc was the placement agent.
Intermediate Capital Group is the asset manager. The CLO is secured predominantly by European senior secured obligations.
Proceeds from the transaction will be used to purchase a €350 million portfolio of mainly European leveraged loans and bonds.
Intermediate Capital Group most recently priced a European CLO on March 6 when it brought the €435.12 million St. Paul’s CLO IV Ltd. transaction.
The investment firm is based in London.
| Issuer: | St. Paul’s CLO V Ltd.
|
| Amount: | €361.4 million
|
| Maturity: | 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities plc
|
| Manager: | Intermediate Capital Group plc
|
| Pricing date: | Aug. 1
|
| Settlement date: | Aug. 29
|
| Distribution: | Private placement
|
|
|
| Class A notes
|
| Amount: | €208.5 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 134 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €42 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA+
|
|
|
| Class C notes
|
| Amount: | €19.7 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 245 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A+
|
|
|
| Class D notes
|
| Amount: | €17.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 335 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €24.8 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 480 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €10.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 580 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity tranche
|
| Amount: | €38.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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