By Cristal Cody
Tupelo, Miss., Aug. 10 – Intermediate Capital Managers Ltd. priced €372 million of notes due July 23, 2029 in a refinancing of the 2016 St. Paul’s CLO VI DAC transaction, according to a market source.
The CLO sold €248 million of class A-1R senior secured floating-rate notes at Euribor plus 85 basis points, €18 million of class A-2AR senior secured floating-rate notes at Euribor plus 170 bps and €21 million of 2.1% class A-2BR senior secured fixed-rate notes.
St. Paul’s CLO VI also priced €25 million of class B-R senior secured deferrable floating-rate notes at Euribor plus 220 bps, €25.5 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 310 bps, €22.5 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 575 bps and €12 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 810 bps.
Citigroup Global Markets Ltd. was the refinancing placement agent.
Intermediate Capital Managers will continue to manage the CLO.
The CLO originally was issued on June 22, 2016.
Proceeds will be used to redeem the original notes at par.
The CLO is collateralized primarily by broadly syndicated first lien senior secured corporate loans.
Intermediate Capital Managers, a London-based investment management firm, priced one new CLO deal and refinanced three vintage CLOs in 2017.
| Issuer: | St. Paul’s CLO VI DAC
|
| Amount: | €372 million refinancing
|
| Maturity: | July 23, 2029
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Ltd.
|
| Manager: | Intermediate Capital Managers Ltd.
|
| Settlement date: | Aug. 14
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1R notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 85 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2AR notes
|
| Amount: | €18 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class A-2BR notes
|
| Amount: | €21 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.1%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-R notes
|
| Amount: | €25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 220 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C-R notes
|
| Amount: | €25.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 310 bps
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB
|
|
|
| Class D-R notes
|
| Amount: | €22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 575 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB-
|
|
|
| Class E-R notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 810 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
|
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