Chicago, Feb. 16 – Investcorp Credit Management EU Ltd. refinanced five classes of notes for €373 million from the Harvest CLO XVI DAC collateralized loan obligation deal due Oct. 15, 2031, according to a market source.
The refinanced notes include the $273 million of class A-R senior secured floating-rate notes at Euribor plus 73 basis points (from 95 bps), $22 million of class B-1-R senior secured floating-rate notes at Euribor plus 140 bps (from 185 bps), $20 million of class B-2-R senior secured 1.8% fixed-rate notes (from 2.5%), $31 million of class C-R senior secured floating-rate notes at Euribor plus 210 bps (from 250 bps) and the $27 million of class D-R senior secured floating-rate notes at Euribor plus 320 bps (from 360 bps).
The notes were refinanced in 2018 and originally issued on Sept. 14, 2016.
The parenthetical notations represent the coupons as of the last refinancing.
The class E-R notes, the class F-R notes from the 2018 refinancing the €45 million of subordinated notes from 2016 will remain outstanding.
Proceeds from the refinance notes will redeem the 2018 notes.
The portfolio is collateralized mostly by senior secured loans and senior secured bonds.
Investcorp Credit Management EU will continue to manage the CLO through the end of the reinvestment period in April 2023.
The CLO manager is a subsidiary of Bahrain-based Investcorp Bank BSC.
| Issuer: | Harvest CLO XVI DAC
|
| Amount: | €373 million
|
| Maturity: | Oct. 15, 2031
|
| Securities: | Floating-rate and fixed-rate notes
|
| Structure: | Cash flow CLO
|
| Manager: | Investcorp Credit Management EU Ltd.
|
| Announcement date: | Feb. 12
|
|
|
| Class A-R notes
|
| Amount: | $273 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 73 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $22 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2-R notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.8%
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | $31 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D-R notes
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| Amount: | $27 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB-
|
|
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