By Rebecca Melvin
New York, Oct. 3 – 3i Debt Management Investments Ltd. priced €466.5 million of notes due November 2028 in a European collateralized loan obligation deal, according to a market source.
Harvest X CLO Ltd. sold €264.4 million of class A senior secured floating-rate notes (/AAA/) at Euribor plus 125 basis points.
The CLO sold €56.3 million of class B senior secured floating-rate notes (/AA/) at Euribor plus 207 bps.
Lower in the capital structure, the CLO priced €30.4 million of class C senior secured deferrable floating-rate notes (/A/) at Euribor plus 230 bps; €23.6 million of class D senior secured deferrable floating-rate notes (/BBB/) at Euribor plus 320 bps; €29.2 million of class E senior secured deferrable floating-rate notes (/BB/) at Euribor plus 500 bps and €12.4 million of class F senior secured deferrable floating-rate notes (/B/) at Euribor plus 600 bps.
The deal included €50.2 million of subordinated notes in the equity tranche.
Co-arrangers were Resource Capital Markets Inc. and HSBC Bank plc.
3i Debt Management will manage the CLO, which is backed primarily by broadly syndicated senior secured loans to speculative grade European corporates.
The CLO has a two-year non-call period and a four-year reinvestment period.
3i Debt Management was last in the European market in July with the €525 million Harvest IX CLO Ltd. deal.
The firm is part of London-based 3i Group plc.
| Issuer: | Harvest X CLO Ltd.
|
| Amount: | €466.5 million
|
| Maturity: | November 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Co-arrangers: | Resource Capital Markets Inc. and HSBC Bank plc
|
| Manager: | 3i Debt Management Investments Ltd.
|
| Call feature: | November 2016
|
| Pricing date: | Oct. 2
|
| Settlement date: | November 2014
|
|
|
| Class A notes
|
| Amount: | €264.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 125 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | €56.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 207 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | €30.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 230 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | €23.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 320 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | €29.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 500 bps
|
| Rating: | Standard & Poor’s: BB
|
|
|
| Class F notes
|
| Amount: | €12.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 600 bps
|
| Rating: | Standard & Poor’s: B
|
|
|
| Equity tranche
|
| Amount: | €50.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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