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St. Pauls CLO III announces redemption amount of $545.93 million
By Wendy Van Sickle
Columbus, Ohio, Feb. 2 St. Paul's CLO III DAC said the threshold for its redemption of six classes of secured notes due 2028 and some subordinated notes will be 499,515,272 for a redemption amount of 545,927,903 including interest.
As reported on Jan. 26, the issuer received direction from a majority of its subordinated noteholders to redeem the six classes of secured notes and some subordinated notes, with the redemption set for Feb. 12.
The following notes will be redeemed at the face values listed plus accrued interest, according to an update from the issuer:
326.7 million of class A secured floating-rate notes, plus 182,952 accrued interest;
64.9 million class B secured floating-rate notes, plus 73,337 accrued interest;
32.4 million class C secured deferrable floating-rate notes, plus 56,052 accrued interest;
26.4 million class D secured deferrable floating-rate notes, plus 73,920 accrued interest;
33 million class E secured deferrable floating-rate notes, plus 134,310 accrued interest; and
15.4 million class F secured deferrable floating-rate notes, plus 68,684 accrued interest.
The total amount of the face values of the rated notes is 498.8 million and accrued interest totals $589,255 for an aggregate redemption amount of 499,389,255 for the secured notes.
The issuer previously said the redemption price of any of the 57.7 million subordinated notes will be such notes pro rata share of the amounts available to be distributed to the subordinated noteholders in accordance with the acceleration priority of payments.
The redemption threshold amount was calculated by the collateral administrator in consultation with the investment manager, according to the notice.
Citibank NA, London Branch is the trustee.
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