Chicago, Jan. 27 – Intermediate Capital Managers Ltd. reset for €435.3 million a collateralized loan obligation issued by St. Paul’s CLO II DAC, according to multiple notices.
The notes will mature on Oct. 25, 2035.
The CLO now consists of €248 million of class A-R senior secured floating-rate notes at Euribor plus 98 basis points, €26 million of class B-1-R senior secured floating-rate notes at Euribor plus 175 bps, €15 million of class B-2-R 2.15% senior secured fixed-rate notes, €24.2 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 245 bps, €29.4 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 370 bps, €18.4 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 638 bps, €11.3 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 888 bps, €1 million of class Z-R notes and €62 million of subordinated notes.
A frequency switch event could occur, switching to semiannual payments and six-month Euribor.
Intermediate Capital Managers Ltd. will manage the collateral through the end of the five-year reinvestment period.
Intermediate Capital Managers is a London-based investment management firm.
Issuer: | St. Paul’s CLO II DAC
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Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
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Amount: | €435.3 million
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Maturity: | Oct. 25, 2035
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Structure: | Cash flow CLO
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Manager: | Intermediate Capital Managers Ltd.
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Settlement date: | Nov. 16
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Class A-R notes
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Amount: | €248 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Euribor plus 98 bps
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Rating: | S&P: AAA
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| Fitch: AAA
|
|
Class B-1-R notes
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Amount: | €26 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Euribor plus 175 bps
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Rating: | S&P: AA
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| Fitch: AA
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Class B-2-R notes
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Amount: | €15 million
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Securities: | Senior secured deferrable fixed-rate notes
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Coupon: | 2.15%
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Rating: | S&P: AA
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| Fitch: AA
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Class C-R notes
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Amount: | €24.2 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 245 bps
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Rating: | S&P: A
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| Fitch: A
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Class D-R notes
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Amount: | €29.4 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 370 bps
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Rating: | S&P: BBB-
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| Fitch: BBB-
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Class E-R notes
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Amount: | €18.4 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 638 bps
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Rating: | S&P: BB-
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|
Class F-R notes
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Amount: | €11.3 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Euribor plus 888 bps
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Rating: | S&P: B-
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| Fitch: B-
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Class Z-R notes
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Amount: | €1 million
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Securities: | Notes
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Rating: | S&P: NR
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Subordinated notes
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Amount: | €62 million
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Securities: | Subordinated notes
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