By Cristal Cody
Eureka Springs, Ark., July 25 – 3i Debt Management Investments Ltd. priced €451.5 million of notes due Oct. 15, 2029 in a collateralized loan obligation offering, according to a market source.
Harvest CLO XVI DAC sold €258 million of class A senior secured floating-rate notes (Aaa/AAA/) at Euribor plus 125 basis points; €66 million of class B senior secured floating-rate notes (Aa2/AA/) at Euribor plus 205 bps; €25.3 million of class C senior secured deferrable floating-rate notes (A2/A/) at Euribor plus 305 bps; €23.1 million of class D senior secured deferrable floating-rate notes (Baa2/BBB/) at Euribor plus 420 bps; €23.1 million of class E senior secured deferrable floating-rate notes (Ba2/BB/) at Euribor plus 640 bps; €11 million of class F senior secured deferrable floating-rate notes (B2/B/) at Euribor plus 850 bps and €45 million of subordinated notes.
The deal was upsized from €411 million.
Credit Suisse Securities (Europe) Ltd. was the placement agent.
3i Debt Management Investments will manage the CLO.
The CLO has a non-call period that ends Oct. 15, 2018 and a reinvestment period that ends Oct. 15, 2020.
The transaction is backed by broadly syndicated senior secured loans.
3i Debt Management has priced two euro-denominated CLOs year to date.
The affiliate of London-based 3i Group plc placed three European CLOs in 2015.
| Issuer: | Harvest CLO XVI DAC
|
| Amount: | €451.5 million
|
| Maturity: | Oct. 15, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (Europe) Ltd.
|
| Manager: | 3i Debt Management Investments Ltd.
|
| Call feature: | Oct. 15, 2018
|
| Pricing date: | July 21
|
| Settlement date: | Sept. 7
|
|
|
| Class A notes
|
| Amount: | €258 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 125 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | €66 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 205 bps
|
| Ratings: | Moody’s: Aa2
|
| Standard & Poor’s: AA
|
|
|
| Class C notes
|
| Amount: | €25.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 305 bps
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
|
|
| Class D notes
|
| Amount: | €23.1 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 420 bps
|
| Ratings: | Moody’s: Baa2
|
| Standard & Poor’s: BBB
|
|
|
| Class E notes
|
| Amount: | €23.1 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 640 bps
|
| Ratings: | Moody’s: Ba2
|
| Standard & Poor’s: BB
|
|
|
| Class F notes
|
| Amount: | €11 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 850 bps
|
| Ratings: | Moody’s: B2
|
| Standard & Poor’s: B
|
|
|
| Equity
|
| Amount: | €45 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
