By Cristal Cody
Tupelo, Miss., Nov. 28 – Investcorp Credit Management EU Ltd. priced €410.4 million of notes due Oct. 20, 2031 in a new broadly syndicated collateralized loan obligation deal that settled on Wednesday, according to a market source.
Harvest CLO XX DAC sold €1.5 million of class X senior secured floating-rate notes at Euribor plus 55 basis points, €246 million of class A senior secured floating-rate notes at Euribor plus 96 bps, €12 million of class B-1 senior secured floating-rate notes at Euribor plus 180 bps and €30 million of 2.3% class B-2 senior secured fixed-rate notes.
The CLO also priced €27.5 million of class C senior secured deferrable floating-rate notes at Euribor plus 250 bps; €20.9 million of class D senior secured deferrable floating-rate notes at Euribor plus 340 bps; €24 million of class E senior secured deferrable floating-rate notes at Euribor plus 530 bps; €12 million of class F senior secured deferrable floating-rate notes at Euribor plus 742 bps and €36.5 million of subordinated notes.
J.P. Morgan Securities plc was the placement agent.
Investcorp Credit Management EU will manage the CLO.
The deal is backed primarily by a portfolio of senior secured loans and senior secured bonds.
Investcorp has priced two new CLOs and refinanced two vintage CLOs year to date.
In 2017, the CLO manager priced two new euro-denominated CLOs and refinanced six vintage European CLOs.
Investcorp is a subsidiary of Bahrain-based Investcorp Bank BSC.
| Issuer: | Harvest CLO XX DAC
|
| Amount: | €410.4 million
|
| Maturity: | Oct. 20, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities plc
|
| Manager: | Investcorp Credit Management EU Ltd.
|
| Call feature: | Two years
|
| Pricing date: | Oct. 19
|
| Settlement date: | Nov. 28
|
|
|
| Class X notes
|
| Amount: | €1.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 55 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €246 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 96 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €30 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.3%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 250 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €20.9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 340 bps
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 530 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 742 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €36.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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