St Paul's CLO VI (2nd Reissue): 02 April 2021
The assets securing the Notes will consist primarily of a portfolio of Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by Intermediate Capital Managers Limited.
On 22 June 2016 (the Original Issue Date) St. Paul’s CLO VI issued Class A–1 Senior Secured Floating Rate Notes due 2029, Class A–2A Senior Secured Floating Rate Notes due 2029, Class A–2B Senior Secured Fixed Rate Notes due 2029, Class B Senior Secured Deferrable Floating Rate Notes due 2029, Class C Senior Secured Deferrable Floating Rate Notes due 2029, Class D Senior Secured Deferrable Floating Rate Notes due 2029, Class E Senior Secured Deferrable Floating Rate Notes due 2029 and Subordinated Notes due 2029.
On 14 August 2018 (the 2018 Refinancing Date), the Issuer refinanced the Original Notes by issuing €248,000,000 Class A–1 Senior Secured Floating Rate Notes due 2030, Class A–2A Senior Secured Floating Rate Notes due 2030, Class A–2B Senior Secured Fixed Rate Notes due 2030, Class B Senior Secured Deferrable Floating Rate Notes due 2030, Class C Senior Secured Deferrable Floating Rate Notes due 2030, Class D Senior Secured Deferrable Floating Rate Notes due 2030 and Class E Senior Secured Deferrable Floating Rate Notes due 2030.
On or about 30 March 2021 the Issuer will, subject to certain conditions, refinance the Refinanced Notes by issuing Class A Senior Secured Floating Rate Notes due 2034, Class B-1 Senior Secured Floating Rate Notes due 2034, Class B-2 Senior Secured Fixed Rate Notes due 2034, Class C Senior Secured Deferrable Floating Rate Notes due 2034, Class D Senior Secured Deferrable Floating Rate Notes due 2034, Class E Senior Secured Deferrable Floating Rate Notes due 2034 and Class F Senior Secured Deferrable Floating Rate Notes due 2034, and will issue additional Subordinated Notes due 2034 which shall form a single class of Subordinated Notes.
The Existing Subordinated Notes issued on the Original Issue Date and are not being offered pursuant to this offering.
The Offered Notes (other than any Additional Subordinated Notes which are Retention Notes) are being offered by the Issuer through J.P. Morgan Securities plc in its capacity as Placement Agent of the Offered Notes subject to prior sale.
EU Risk Retention: Intermediate Capital Managers Limited shall act as Retention Holder for the purposes of the Securitisation Regulation Requirements. It acquired on the Original Issue Date and will continue, in accordance with the Retention Requirements, to retain on an ongoing basis for so long as any Class of Notes remains outstanding, Subordinated Notes with a Principal Amount Outstanding equal to not less than 5% of the greater of (i) the Maximum Par Amount and (ii) the Collateral Principal Amount (such Subordinated Notes being the “Retention Notes”).
US Risk Retention: As a result of the LSTA Decision, collateral managers of “open market CLOs” are no longer subject to U.S. risk retention and do not have to comply with the U.S. Risk Retention Rules.