By Cristal Cody
Tupelo, Miss., Oct. 3 – Investcorp Credit Management EU Ltd. priced €417.25 million of notes in a refinancing and reset of a vintage 2015 euro-denominated collateralized loan obligation deal, according to market sources and a notice to noteholders on Monday.
Harvest CLO XII DAC sold €239 million of class A-R senior secured floating-rate notes at par to yield Euribor plus 87 basis points, €40.8 million of class B-1-R senior secured notes at par to yield Euribor plus 140 bps and €10 million of 2.45% class B-2-R senior secured fixed-rate notes at par.
The refinanced CLO sold €23.75 million of class C-R senior secured deferrable floating-rate notes at par to yield Euribor plus 190 bps; €21.4 million of class D-R senior secured deferrable floating-rate notes at par to yield Euribor plus 275 bps; €26.3 million of class E-R senior secured deferrable floating-rate notes at 96.7 and a coupon of Euribor plus 495 bps and €13 million of class F-R senior secured deferrable floating-rate notes at 94.8 and a coupon of Euribor plus 665 bps.
The refinanced deal includes the original €43 million equity tranche of subordinated notes.
Merrill Lynch International 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 Oct. 25, 2030 from the original Aug. 18, 2028 maturity.
The refinanced CLO has a four-year reinvestment period.
In the original €413 million transaction that closed on Aug. 6, 2015, the CLO sold €229.75 million of class A-1 floating-rate notes at Euribor plus 134 bps; €5 million of 1.84% class A-2 fixed-rate notes; €37.75 million of class B-1 floating-rate notes at Euribor plus 205 bps; €13 million of 2.79% class B-2 fixed-rate notes; €26.5 million of class C floating-rate notes at Euribor plus 265 bps; €20.5 million of class D floating-rate notes at Euribor plus 325 bps; €23.5 million of class E floating-rate notes at Euribor plus 475 bps; €14 million of class F floating-rate notes at Euribor plus 624 bps and €43 million of subordinated notes.
Proceeds will be used to redeem the original 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 B.S.C.
| Issuer: | Harvest CLO XII DAC
|
| Amount: | €417.25 million refinancing
|
| Maturity: | Oct. 25, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Merrill Lynch International
|
| Manager: | Investcorp Credit Management EU Ltd.
|
| Pricing date: | Sept. 28
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | €239 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 87 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | €40.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2-R notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.45%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | €23.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 190 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | €21.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 275 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E-R notes
|
| Amount: | €26.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 495 bps
|
| Price: | 96.7
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F-R notes
|
| Amount: | €13 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 665 bps
|
| Price: | 94.8
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €43 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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