By Cristal Cody
Tupelo, Miss., March 8 – Intermediate Capital Managers Ltd. priced €410.1 million of notes due April 22, 2032 in the St. Paul’s CLO X DAC transaction, according to market sources.
The CLO sold €248 million of class A senior secured floating-rate notes at Euribor plus 114 basis points, €30.3 million of class B-1 senior secured floating-rate notes at Euribor plus 185 bps and €5.3 million of 2.45% class B-2 senior secured fixed-rate notes.
The CLO also priced €12.6 million of class C-1 senior secured deferrable floating-rate notes at Euribor plus 275 bps; €15.8 million of 3.1% class C-2 senior secured deferrable fixed-rate notes; €22 million of class D senior secured deferrable floating-rate notes at Euribor plus 400 bps; €24 million of class E senior secured deferrable floating-rate notes at Euribor plus 625 bps; $10.8 million of class F senior secured deferrable floating-rate notes at Euribor plus 880 bps; and €41.3 million of subordinated notes.
Goldman Sachs International was the placement agent.
Intermediate Capital Managers will manage the CLO.
The issue has a two-year non-call period and a four-year reinvestment period.
The CLO is collateralized primarily by broadly syndicated senior secured loans and senior secured bonds.
Intermediate Capital Managers, a London-based investment management firm, priced one new CLO offering in 2018.
| Issuer: | St. Paul’s CLO X DAC
|
| Amount: | €410.1 million
|
| Maturity: | April 22, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs International
|
| Manager: | Intermediate Capital Managers Ltd.
|
| Call feature: | Two years
|
| Pricing date: | Feb. 25
|
| Settlement date: | March 22
|
|
|
| Class A notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 114 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €30.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 185 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €5.3 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.75%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | €12.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 275 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C-2 notes
|
| Amount: | €15.8 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 3.1%
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 400 bps
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 625 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €10.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 880 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €41.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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