By Cristal Cody
Tupelo, Miss., Jan. 27 – Investcorp Credit Management EU Ltd. priced €489.1 million of notes due 2032 in a new European broadly syndicated collateralized loan obligation on Monday, according to market sources.
The deal was upsized from €409 million.
Harvest CLO XXIII DAC sold €276.8 million of class A floating-rate notes at Euribor plus 95 basis points, €28.1 million of class B-1 floating-rate notes at Euribor plus 155 bps and €22.5 million of 2% class B-2 fixed-rate notes.
The CLO also priced €30.4 million of class C floating-rate notes at Euribor plus 205 bps; €25.9 million of class D floating-rate notes at Euribor plus 300 bps; €23.6 million of class E floating-rate notes at Euribor plus 533 bps and €11.3 million of class F floating-rate notes at Euribor plus 831 bps.
The offering included €28 million of class Z notes and €42.5 million of subordinated notes.
Credit Suisse Securities (Europe) Ltd. was the placement agent.
The CLO is backed primarily by senior secured loans and senior secured bonds.
Investcorp is a subsidiary of Bahrain-based Investcorp Bank BSC.
| Issuer: | Harvest CLO XXIII DAC
|
| Amount: | €489.1 million
|
| Maturity: | 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (Europe) Ltd.
|
| Manager: | Investcorp Credit Management EU Ltd.
|
| Pricing date: | Jan. 27
|
| Settlement date: | March 20
|
|
|
| Class A notes
|
| Amount: | €276.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 95 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €28.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 155 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €22.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2%
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €30.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 205 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | €25.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €23.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 533 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €11.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 831 bps
|
| Rating: | Fitch: B-
|
|
|
| Class Z notes
|
| Amount: | €28 million
|
| Securities: | Notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | €42.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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