Chicago, March 8 – Intermediate Capital Managers Ltd. refinanced €375.4 million of notes from the
St. Paul’s CLO VI DAC collateralized loan obligation transaction, according to a release.
The maturity date has been extended in the refinancing notes to May 22, 2034 from Aug. 20, 2030.
The refinancing includes €248 million of class A-R senior secured floating-rate notes at Euribor plus 79 basis points, €27.5 million of class B-1-R senior secured floating-rate notes at Euribor plus 150 bps and €12.5 million of class B-2-R 1.75% senior secured fixed-rate notes.
Also included are €24 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 260 bps, €27 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 330 bps, €21 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 630 bps, €12 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 813 bps.
There will also be €3.4 million of additional subordinated notes issued.
The original €42.3 million of subordinated notes will remain outstanding.
The notes are being used to refinance the class A-1, class A2-A, class A-2B, class B, class C, class D and class E notes originally issued on June 22, 2016 and refinanced on Aug. 14, 2018.
Collateral for the notes is mostly senior secured obligations with borrowers primarily based in Western Europe.
Intermediate Capital Managers will manage the collateral during the four-year reinvestment period.
Intermediate Capital Managers is a London-based investment management firm.
| Issuer: | St. Paul’s CLO VI DAC
|
| Amount: | €375. 4 million
|
| Maturity: | May 22, 2034
|
| Securities: | Floating-rate, fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Manager: | Intermediate Capital Managers Ltd.
|
| Announcement date: | March 5
|
|
|
| Class A-R notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 79 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1-R notes
|
| Amount: | €27.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2-R notes
|
| Amount: | €12.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.75%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-R notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 260 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D-R notes
|
| Amount: | €27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 330 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E-R notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 630 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F-R notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 813 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | €3.4 million
|
| Securities: | Subordinated notes
|
|
|
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