New York, April 1 – Investcorp Credit Management EU Ltd. priced a refinancing of €366 million of its Harvest CLO XXI DAC transaction, according to reports.
The refinancing included €210 million of class A-1 senior secured floating-rate notes (Aaa) at Euribor plus 76 basis points, €30 million of class A-2 senior secured fixed-rate notes (Aaa) at Euribor plus 104 bps, €38.4 million of class B-1 senior secured floating-rate notes (Aa2) at Euribor plus 160 bps, €6 million of class B-2 senior secured fixed-rate notes (Aa2) at 2%, €28 million of class C senior secured deferrable floating-rate notes (A2) at Euribor plus 230 bps and €23.6 million of class D senior secured deferrable floating-rate notes (Baa3) at Euribor plus 340 bps.
The notes remain due July 15, 2031.
The refinancing will also extend the weighted average life test date by nine months to June 2028 and amend some definitions and other features.
The Harvest CLO XXI was originally issued for €409.45 million in 2019.
The transaction included €1.5 million of class X senior secured floating-rate notes at Euribor plus 45 basis points, €210 million of class A-1 senior secured floating-rate notes at Euribor plus 108 bps, €30 million of 1.3% class A-2 senior secured fixed-rate notes, €38.4 million of class B-1 senior secured floating-rate notes at Euribor plus 185 bps, €6 million of 2.35% class B-2 senior secured fixed-rate notes, €28 million of class C senior secured deferrable floating-rate notes at Euribor plus 275 bps, €23.6 million of class D senior secured deferrable floating-rate notes at Euribor plus 400 bps, €24.4 million of class E senior secured deferrable floating-rate notes at Euribor plus 619 bps, €9.4 million of class F senior secured deferrable floating-rate notes at Euribor plus 869 bps and €38.15 million of subordinated notes.
The class X through class D notes priced at par, while the class E tranche priced at 96 and the class F notes priced at 94.
Investcorp Credit Management EU manages the CLO.
The deal is backed primarily by a portfolio of senior secured loans and senior secured bonds.
Investcorp is a subsidiary of Bahrain-based Investcorp Bank BSC.
| Issuer: | Harvest CLO XXI DAC
|
| Amount: | €366 million refinancing
|
| Maturity: | July 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Manager: | Investcorp Credit Management EU Ltd.
|
|
|
| Class A-1 notes
|
| Amount: | €210 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 76 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | €30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 104 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | €38.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | €6 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | €28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 230 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | €23.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 340 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Baa3
|
|
|
|
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