By Cristal Cody
Tupelo, Miss., Oct. 16 – 3i Debt Management Investments Ltd. sold €413.9 million of collateralized loan obligation notes due Nov. 15, 2028, according to a market source on Monday.
Harvest CLO XIV Designated Activity Co. priced €139 million of class A-1A senior secured floating-rate notes at three-month Euribor plus 140 basis points, €100 million of class A-1B senior secured floating-rate notes at six-month Euribor plus 145 bps and €5 million of 1.76% class A-2 senior secured fixed-rate notes.
The CLO sold €32 million of class B-1 senior secured floating-rate notes at three-month Euribor plus 215 bps and €10 million of 2.77% class B-2 senior secured fixed-rate notes.
Harvest CLO also priced €23 million of class C senior secured deferrable floating-rate notes at three-month Euribor plus 300 bps, €25 million of class D senior secured deferrable floating-rate notes at three-month Euribor plus 390 bps, €24.5 million of class E senior secured deferrable floating-rate notes at three-month Euribor plus 550 bps, €12 million of class F senior secured deferrable floating-rate notes at three-month Euribor plus 630 bps and €43.4 million of subordinated notes.
Citigroup Global Markets Inc. arranged the transaction.
3i Debt Management Investments will manage the CLO.
The CLO has a reinvestment period that ends in 2019.
The CLO is backed by senior secured obligations.
Proceeds from the deal will be used to purchase a €400 million portfolio of European leveraged loans and bonds.
3i Debt Management has priced three euro-denominated CLOs this year to date. The affiliate of London-based 3i Group plc placed three European CLO deals in 2014.
| Issuer: | Harvest CLO XIV Designated Activity Co.
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| Amount: | €413.9 million
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| Maturity: | Nov. 15, 2028
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| Securities: | Floating-rate and subordinated notes
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| Structure: | Cash flow CLO
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| Placement agent: Citigroup Global Markets Inc.
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| Manager: | 3i Debt Management Investments Ltd.
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| Pricing date: | Oct. 15
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| Settlement date: | Nov. 16
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| Class A-1A notes
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| Amount: | €139 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Three-month Euribor plus 140 bps
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| Ratings: | Moody’s: Aaa
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| Fitch: AAA
|
|
|
| Class A-1B notes
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| Amount: | €100 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Six-month Euribor plus 145 bps
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| Ratings: | Moody’s: Aaa
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| Fitch: AAA
|
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| Class A-2 notes
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| Amount: | €5 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 1.76%
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| Ratings: | Moody’s: Aaa
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| Fitch: AAA
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|
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|
|
| Class B-1 notes
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| Amount: | €32 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Three-month Euribor plus 215 bps
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| Ratings: | Moody’s: Aa2
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| Fitch: AA+
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|
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| Class B-2 notes
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| Amount: | €10 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 2.77%
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| Ratings: | Moody’s: Aa2
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| Fitch Poor’s: AA+
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| Class C notes
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| Amount: | €23 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Three-month Euribor plus 300 bps
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| Ratings: | Moody’s: A2
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| Fitch: A+
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|
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| Class D notes
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| Amount: | €25 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Three-month Euribor plus 390 bps
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| Ratings: | Moody’s: Baa2
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| Fitch: BBB
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| Class E notes
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| Amount: | €24.5 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Three-month Euribor plus 550 bps
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| Ratings: | Moody’s: Ba2
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| Fitch: BB
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|
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| Class F notes
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| Amount: | €12 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Three-month Euribor plus 630 bps
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| Ratings: | Moody’s: B2
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| Fitch: B
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|
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| Equity
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| Amount: | €43.4 million
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| Securities: | Subordinated notes
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| Ratings: | Non-rated
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