By Cristal Cody
Tupelo, Miss., Aug. 3 – Investcorp Credit Management EU Ltd. priced €474.35 million of notes in a refinancing and reset of a vintage 2014 euro-denominated collateralized loan obligation deal, according to a market source.
Harvest CLO IX DAC priced €1.85 million of class X senior secured floating-rate notes at Euribor plus 50 basis points; €294.5 million of class A-R senior secured notes at Euribor plus 90 bps; €50 million of class B-1-R senior secured floating-rate notes at Euribor plus 150 bps; €25 million of 2.15% class B-2-R senior secured fixed-rate notes; €26 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 205 bps; €27.5 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 300 bps; €34.3 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 512 bps and €15.25 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 668 bps.
Credit Suisse Securities (Europe) Ltd. was the refinancing placement agent.
Investcorp Credit Management EU, formerly known as 3i Debt Management Investments Ltd., will manage the CLO.
The maturity on the refinanced notes was extended to Feb. 15, 2030 from the original Aug. 15, 2028 maturity.
Proceeds will be used to redeem the original notes at par on the Aug. 15 refinancing date.
In the original €414.7 million transaction closed on July 16, 2014, the CLO sold €304.2 million of class A notes at Euribor plus 135 bps; €60.8 million of class B notes at Euribor plus 190 bps; €30.4 million of class C notes at Euribor plus 240 bps; €24.1 million of class D notes at Euribor plus 300 bps; €35.5 million of class D notes at Euribor plus 450 bps; €15 million of class F notes at Euribor plus 525 bps and €55 million of subordinated notes.
The refinanced notes are collateralized primarily by senior secured loans and senior secured bonds.
Investcorp Credit Management EU is a subsidiary of Bahrain-based Investcorp Bank BSC.
| Issuer: | Harvest CLO IX DAC
|
| Amount: | €474.35 million refinancing
|
| Maturity: | Feb. 15, 2030
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (Europe) Ltd.
|
| Manager: | Investcorp Credit Management EU Ltd.
|
| Settlement date: | Aug. 15
|
|
|
| Class X notes
|
| Amount: | €1.85 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 50 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-R notes
|
| Amount: | €294.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 90 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | €50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2-R notes
|
| Amount: | €25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.15%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | €26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 205 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | €27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E-R notes
|
| Amount: | €34.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 512 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F-R notes
|
| Amount: | €15.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 668 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
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