By Cristal Cody
Tupelo, Miss., Feb. 26 – 3i Debt Management Investments Ltd. priced a €414.7 million collateralized loan obligation deal, according to a market source.
Harvest CLO XI Ltd. sold €229.6 million of class A-1 floating-rate notes at Euribor plus 125 basis points; €5 million of 1.55% class A-2 fixed-rate notes; €38.9 million of class B-1 floating-rate notes at Euribor plus 200 bps; €12 million of 2.62% class B-2 fixed-rate notes; €26.5 million of class C floating-rate notes at Euribor plus 280 bps; €20.7 million of class D floating-rate notes at Euribor plus 370 bps; €25.7 million of class E floating-rate notes at Euribor plus 525 bps and €10.7 million of class F floating-rate notes at Euribor plus 650 bps.
The deal included €45.6 million of subordinated notes in the equity tranche.
Natixis SA was the placement agent.
3i Debt Management will manage the CLO, which is backed primarily by senior secured loans.
The CLO is non-callable until March 26, 2017. The reinvestment period ends March 26, 2019.
The notes are due March 26, 2029.
Proceeds from the deal will be used to purchase a €400 million portfolio of European leveraged loans.
3i Debt Management brought three euro-denominated CLO transactions in 2014.
As of December, the affiliate of London-based 3i Group plc had €7.4 billion across 25 CLOs under management.
| Issuer: | Harvest CLO XI Ltd.
|
| Amount: | €414.7 million
|
| Maturity: | March 26, 2029
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis SA
|
| Manager: | 3i Debt Management Investments Ltd.
|
| Call feature: | March 26, 2017
|
| Pricing date: | Feb. 25
|
| Settlement date: | March 26
|
|
|
| Class A-1 notes
|
| Amount: | €229.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 125 bps
|
| Ratings: | Standard & Poor’s: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.55%
|
| Ratings: | Standard & Poor’s: AAA
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €38.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Ratings: | Standard & Poor’s: AA
|
| Fitch: AA+
|
|
|
| Class B-2 notes
|
| Amount: | €12 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.62%
|
| Ratings: | Standard & Poor’s: AA
|
| Fitch: AA+
|
|
|
| Class C notes
|
| Amount: | €26.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 280 bps
|
| Ratings: | Standard & Poor’s: A
|
| Fitch: A+
|
|
|
| Class D notes
|
| Amount: | €20.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 370 bps
|
| Ratings: | Standard & Poor’s: BBB
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €25.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 525 bps
|
| Ratings: | Standard & Poor’s: BB
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €10.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 650 bps
|
| Ratings: | Standard & Poor’s: B
|
| Fitch: B-
|
|
|
| Equity tranche
|
| Amount: | €45.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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