By Cristal Cody
Tupelo, Miss., Jan. 31 – Intermediate Capital Managers Ltd. priced €413.99 million of notes due April 30, 2030 in the St. Paul’s CLO VII DAC offering on Monday, according to a market source.
The CLO sold €229.4 million of class A-1 senior secured floating-rate notes at Euribor plus 95 basis points and €10.6 million of 1.17% class A-2 senior secured fixed-rate notes.
St. Paul’s CLO priced €23.15 million of class B-1 senior secured floating-rate notes at Euribor plus 163 bps, €9.5 million of 2.4% class B-2 senior secured fixed-rate notes, €21.1 million of class B-3 senior secured floating-rate notes at Euribor plus 180 bps, €5 million of class C-1 senior secured deferrable floating-rate notes at Euribor plus 245 bps and €15 million of class C-2 senior secured deferrable floating-rate notes at Euribor plus 262 bps.
The class B-3 and class C-2 notes are subject to a 0% Euribor floor except during the non-call period. The spread on the class B-3 notes will step down to Euribor plus 163 bps after the non-call period, while the spread on the class B-2 notes will step down to Euribor plus 245 bps after the non-call period.
The CLO also priced €21 million of class D senior secured deferrable floating-rate notes at Euribor plus 360 bps; €25.25 million of class E senior secured deferrable floating-rate notes at Euribor plus 565 bps; €10 million of class F senior secured deferrable floating-rate notes at Euribor plus 750 bps and €43.99 million of subordinated notes.
Deutsche Bank AG, London Branch arranged the deal.
The CLO has a two-year non-call period and a four-year reinvestment period.
The offering is backed primarily by euro-denominated senior secured loans or senior secured bonds.
Proceeds will be used to purchase a €400 million portfolio of mostly euro-denominated leveraged loans and bonds.
Intermediate Capital Managers is a London-based investment management firm.
| Issuer: | St. Paul’s CLO VII DAC
|
| Amount: | €413.99 million
|
| Maturity: | April 30, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank AG, London Branch
|
| Manager: | Intermediate Capital Managers Ltd.
|
| Call feature: | 2019
|
| Pricing date: | Jan. 30
|
| Settlement date: | March 21
|
|
|
| Class A-1 notes
|
| Amount: | €229.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 95 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €10.6 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.17%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €23.15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 163 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €9.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.4%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-3 notes
|
| Amount: | €21.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | €5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 245 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C-2 notes
|
| Amount: | €15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 262 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 360 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €25.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 565 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 750 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €43.99 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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