By Cristal Cody
Tupelo, Miss., July 20 – Intermediate Capital Managers Ltd. sold €327 million of notes in a refinancing and reset of the 2014 vintage St. Paul’s CLO V DAC transaction, according to a market source.
The CLO priced €1 million of class X senior secured floating-rate notes at Euribor plus 50 basis points; €201 million of class A-R senior secured floating-rate notes at Euribor plus 90 basis points; €36 million of class B-1-R senior secured floating-rate notes at Euribor plus 150 bps, €16 million of class B-2-R senior secured floating-rate notes at Euribor plus 175 bps; €12.5 million of class C-1-R senior secured deferrable floating-rate notes at Euribor plus 210 bps, €7.5 million of class C-2-R senior secured deferrable floating-rate notes at Euribor plus 235 bps, €19.5 million of class D-R floating-rate notes at Euribor plus 300 bps; €23.5 million of class E-R floating-rate notes at Euribor plus 515 bps and €10 million of class F-R floating-rate notes at Euribor plus 680 bps.
Credit Suisse Securities (Europe) Ltd. arranged the deal.
The maturity on the refinanced notes was extended to 2030 from the original 2027 maturity.
In the original €361.4 million transaction priced on Aug. 1, 2014, the CLO sold €208.5 million of class A secured floating-rate notes at Euribor plus 134 bps; €42 million of class B secured floating-rate notes at Euribor plus 200 bps, €19.7 million of class C secured deferrable floating-rate notes at Euribor plus 245 bps; €17.5 million of class D secured deferrable floating-rate notes at Euribor plus 335 bps; €24.8 million of class E secured deferrable floating-rate notes at Euribor plus 480 bps; €10.5 million of class F secured deferrable floating-rate notes at Euribor plus 580 bps and €38.4 million of subordinated notes.
Proceeds were used to redeem the original notes.
The refinanced CLO is collateralized mainly by broadly syndicated first-lien senior secured corporate loans.
Intermediate Capital Managers, a London-based investment management firm, has priced one new CLO deal and refinanced two vintage CLOs year to date.
| Issuer: | St. Paul’s CLO V DAC
|
| Amount: | €327 million refinancing
|
| Maturity: | 2030
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (Europe) Ltd.
|
| Manager: | Intermediate Capital Managers Ltd.
|
|
|
| Class X notes
|
| Amount: | €1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 50 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-R notes
|
| Amount: | €201 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 90 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | €36 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2-R notes
|
| Amount: | €16 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C-1-R notes
|
| Amount: | €12.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C-2-R notes
|
| Amount: | €7.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 235 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | €19.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E-R notes
|
| Amount: | €23.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 515 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F-R notes
|
| Amount: | €10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 680 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
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