By Cristal Cody
Tupelo, Miss., March 22 – Investcorp Credit Management EU Ltd. closed Friday on a new €409.45 million broadly syndicated collateralized loan obligation deal, according to market sources.
Harvest CLO XXI DAC sold €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 and €6 million of 2.35% class B-2 senior secured fixed-rate notes.
The CLO also priced €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.
The notes are due July 15, 2031.
Barclays 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 is a subsidiary of Bahrain-based Investcorp Bank BSC.
| Issuer: | Harvest CLO XXI DAC
|
| Amount: | €409.45 million
|
| Maturity: | July 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Investcorp Credit Management EU Ltd.
|
| Call feature: | Two years
|
| Pricing date: | Feb. 8
|
| Settlement date: | March 22
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X notes
|
| Amount: | €1.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 45 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | €210 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 108 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 130 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €38.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 185 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €6 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.35%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 275 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €23.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 400 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €24.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 619 bps
|
| Price: | 96
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €9.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 860 bps
|
| Price: | 94
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €38.15 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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