By Cristal Cody
Tupelo, Miss., Oct. 8 – Investcorp Credit Management EU Ltd. priced €419.56 million of notes due January 2034 in a new European broadly syndicated collateralized loan obligation backed primarily by senior secured loans and senior secured bonds, according to market sources.
Harvest CLO XXV DAC sold €228.17 million of class A senior secured floating-rate notes at Euribor plus 110 basis points, €26.97 million of class B-1 senior secured floating-rate notes at Euribor plus 180 bps and €12.98 million of 2.1% class B-2 senior secured fixed-rate notes.
The CLO also priced €27.97 million of class C senior secured deferrable floating-rate notes at Euribor plus 280 bps; €27.3 million of class D senior secured deferrable floating-rate notes at Euribor plus 425 bps; €22.73 million of class E senior secured deferrable floating-rate notes at Euribor plus 699 bps and €7.8 million of class F senior secured deferrable floating-rate notes at Euribor plus 770 bps.
The offering included €25 million of class Z notes and €40.64 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
Investcorp is a subsidiary of Bahrain-based Investcorp Bank BSC.
| Issuer: | Harvest CLO XXV DAC
|
| Amount: | €419.56 million
|
| Maturity: | January 2034
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Investcorp Credit Management EU Ltd.
|
| Call feature: | One year
|
| Settlement date: | Nov. 12
|
|
|
| Class A notes
|
| Amount: | €228.17 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 110 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €26.97 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | €12.98 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.1%
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €27.97 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 280 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €27.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 425 bps
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | €22.73 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 699 bps
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB-
|
|
|
| Class F notes
|
| Amount: | €7.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 770 bps
|
| Ratings: | Moody’s: B3
|
| S&P: B-
|
|
|
| Class Z notes
|
| Amount: | €25 million
|
| Securities: | Notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | €40.64 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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