By Cristal Cody
Tupelo, Miss., April 6 – Investcorp Credit Management EU Ltd. sold €413.65 million of notes due May 11, 2030 in a new euro-denominated collateralized loan obligation deal, according to a market source.
Harvest CLO XVII DAC sold €242 million of class A senior secured floating-rate notes at par to yield Euribor plus 87 basis points; €43.5 million of B-1 senior secured floating-rate notes at par to yield Euribor plus 150 bps and €10 million of 2.15% class B-2 senior secured fixed-rate notes at par.
The CLO also sold €21.5 million of class C senior secured deferrable floating-rate notes at par to yield Euribor plus 210 bps; €20 million of class D senior secured deferrable floating-rate notes at par to yield Euribor plus 315 bps; €24 million of class E senior secured deferrable floating-rate notes at 94.07 and a coupon of Euribor plus 495 bps and €9.75 million of class F senior secured deferrable floating-rate notes at 93.13 and a coupon of Euribor plus 705 bps.
The deal includes €42.9 million of subordinated notes in the equity tranche.
GreensLedge Capital Markets Europe LLP was the placement agent.
Investcorp Credit Management EU, formerly known as 3i Debt Management Investments Ltd., will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The deal is collateralized primarily by senior secured loans and bonds.
Investcorp Credit Management EU is a subsidiary of Bahrain-based Investcorp Bank B.S.C.
| Issuer: | Harvest CLO XVII DAC
|
| Amount: | €413.65 million
|
| Maturity: | May 11, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | GreensLedge Capital Markets Europe LLP
|
| Manager: | Investcorp Credit Management EU Ltd.
|
| Call feature: | Two years
|
| Pricing date: | March 24
|
| Settlement date: | May 11
|
|
|
| Class A notes
|
| Amount: | €242 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 87 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €43.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.1%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €21.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 315 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 495 bps
|
| Price: | 94.07
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
|
|
| Class F notes
|
| Amount: | €9.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 705 bps
|
| Price: | 93.13
|
| Ratings: | Moody’s: B2
|
| S&P: B
|
|
|
| Equity
|
| Amount: | €42.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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