By Cristal Cody
Tupelo, Miss., Jan. 31 – Investcorp Credit Management EU Ltd. priced €427.2 million of notes in a refinancing and reset of a vintage 2014 broadly syndicated collateralized loan obligation deal, according to a market source and notices to noteholders.
Harvest CLO VIII DAC sold €4 million of class X-R floating-rate notes at Euribor plus 23 basis points, €243 million of class A-R floating-rate notes at Libor plus 73 bps, $34.4 million of class B-1-R floating-rate notes at Libor plus 115 bps and $20 million of 2% class B-2-R fixed-rate notes.
The CLO also sold €25.7 million of class C-R floating-rate notes at Euribor plus 165 bps, €20.5 million of class D-R floating-rate notes at Euribor plus 255 bps, €22.1 million of class E-R floating-rate notes at Euribor plus 455 bps, €12.2 million of class F-R floating-rate notes at Euribor plus 610 bps and $46 million of subordinated notes.
Investcorp Credit Management EU, formerly known as 3i Debt Management Investments Ltd., is the CLO manager.
The maturity on the refinanced notes was extended to Jan. 15, 2031 from April 30, 2026.
In the original €425 million transaction issued on March 27, 2014, the CLO sold €243 million of class A floating-rate notes at Euribor plus 140 bps; €47 million of class B floating-rate notes at Euribor plus 190 bps; €27 million of class C floating-rate notes at Euribor plus 235 bps; €21 million of class D floating-rate notes at Euribor plus 325 bps; €31 million of class E floating-rate notes at Euribor plus 450 bps; €10 million of class F floating-rate notes at Euribor plus 525 bps and €46 million of subordinated notes.
Proceeds will be used to redeem the original notes.
In 2017, Investcorp refinanced six euro-denominated CLOs.
The CLO manager is a subsidiary of Bahrain-based Investcorp Bank BSC.
| Issuer: | Harvest CLO VIII DAC
|
| Amount: | €427.2 million refinancing
|
| Maturity: | Jan. 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Manager: | Investcorp Credit Management EU Ltd.
|
| Settlement date: | Jan. 30
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X-R notes
|
| Amount: | €4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 23 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | €243.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 73 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | €34.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 115 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-2-R notes
|
| Amount: | €20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2%
|
| Ratings: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | €25.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 165 bps
|
| Ratings: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | €20.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 255 bps
|
| Ratings: | S&P: BBB
|
|
|
| Class E-R notes
|
| Amount: | €22.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 455 bps
|
| Ratings: | S&P: BB
|
|
|
| Class F-R notes
|
| Amount: | €12.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 610 bps
|
| Ratings: | S&P: B-
|
|
|
| Equity
|
| Amount: | €46 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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