By Cristal Cody
Tupelo, Miss., July 11 – Intermediate Capital Managers Ltd. priced €411.2 million of notes due 2032 in the new issue St. Paul’s CLO XI DAC transaction, according to details from a market source.
The CLO sold €1.5 million of class X senior secured floating-rate notes at Euribor plus 60 basis points, €248 million of class A senior secured floating-rate notes at Euribor plus 112 bps, €14 million of class B-1 senior secured floating-rate notes at Euribor plus 180 bps and €20 million of 2.35% class B-2 senior secured fixed-rate notes.
St. Paul’s CLO XI also priced €10 million of class C-1 senior secured deferrable floating-rate notes at Euribor plus 240 bps; €18 million of 2.9% class C-2 senior secured deferrable fixed-rate notes; €26 million of class D senior secured deferrable floating-rate notes at Euribor plus 360 bps; €23 million of class E senior secured deferrable floating-rate notes at Euribor plus 600 bps; $9.8 million of class F senior secured deferrable floating-rate notes at Euribor plus 844 bps and €40.9 million of subordinated notes.
The class X through class D tranches priced at par. The class E notes priced at 96.5, and the class F notes priced at 94.48.
Merrill Lynch International was the placement agent.
Intermediate Capital Managers Ltd. will manage the CLO.
The CLO is collateralized primarily by broadly syndicated senior secured obligations.
Intermediate Capital Managers has priced two European CLOs year to date.
The London-based investment management firm priced one new CLO offering in 2018.
| Issuer: | St. Paul’s CLO XI DAC
|
| Amount: | €411.2 million
|
| Maturity: | 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Merrill Lynch International
|
| Manager: | Intermediate Capital Managers Ltd.
|
| Pricing date: | June 4
|
| Settlement date: | July 18
|
|
|
| Class X notes
|
| Amount: | €1.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 60 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 112 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €14 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.35%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 240 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C-2 notes
|
| Amount: | €18 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 2.9%
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 360 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 600 bps
|
| Price: | 96.5
|
| Ratings: | Moody’s: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €9.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 844 bps
|
| Price: | 94.48
|
| Ratings: | Moody’s: B3
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €40.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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