By Cristal Cody
Tupelo, Miss., Feb. 9 – Intermediate Capital Managers Ltd. sold €367.5 million of notes due Feb. 15, 2030 in a refinancing of the St. Paul’s CLO II DAC transaction, according to a market source.
The CLO priced €241.5 million of class A-R floating-rate notes at Euribor plus 103 basis points; €40 million of class B-R floating-rate notes at Euribor plus 160 bps, €28.5 million of class C-R floating-rate notes at Euribor plus 240 bps, €21.5 million of class D-R floating-rate notes at Euribor plus 340 bps; €25 million of class E-R floating-rate notes at Euribor plus 550 bps and €11 million of class F floating-rate notes at Euribor plus 730 bps.
Morgan Stanley & Co. International plc arranged the deal.
The maturity on the refinanced notes was extended from the original Aug. 15, 2026 maturity.
Intermediate Capital Managers, a London-based investment management firm, has priced one new CLO deal and refinanced one vintage CLO year to date.
Issuer: | St. Paul’s CLO II DAC
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Amount: | €367.5 million refinancing
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Maturity: | Feb. 15, 2030
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Securities: | Floating-rate notes
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Structure: | Cash flow CLO
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Refinancing agent: | Morgan Stanley & Co. International plc
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Manager: | Intermediate Capital Managers Ltd.
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Pricing date: | Feb. 9
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Class A-R notes
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Amount: | €241.5 million
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Coupon: | Euribor plus 103 bps
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Rating: | Fitch: AAA
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Class B-R notes
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Amount: | €40 million
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Coupon: | Euribor plus 160 bps
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Rating: | Fitch: AA
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Class C-R notes
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Amount: | €28.5 million
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Coupon: | Euribor plus 240 bps
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Rating: | Fitch: A
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Class D-R notes
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Amount: | €21.5 million
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Coupon: | Euribor plus 340 bps
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Rating: | Fitch: BBB
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Class E-R notes
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Amount: | €25 million
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Coupon: | Euribor plus 550 bps
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Rating: | Fitch: BB
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Class F-R notes
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Amount: | €11 million
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Coupon: | Euribor plus 730 bps
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Rating: | Fitch: B-
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