By Cristal Cody
Tupelo, Miss., Oct. 20 – GC Investment Management LLC priced a $407.55 million collateralized loan obligation offering of notes due Nov. 5, 2027, according to a market source.
Golub Capital Partners CLO 26(B) Ltd./Golub Capital Partners CLO 26(B) LLC sold $256 million of class A floating-rate notes at Libor plus 165 basis points; $42.5 million of class B floating-rate notes at Libor plus 240 bps; $20.6 million of class C floating-rate notes at Libor plus 340 bps; $26.9 million of class D floating-rate notes at Libor plus 380 bps; $22.2 million of class E floating-rate notes at Libor plus 540 bps and $39.35 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
GC Investment Management will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The transaction is backed primarily by first-lien senior secured corporate loans.
Proceeds from the deal will be used to purchase a portfolio of about $400 million of mainly senior secured leveraged loans.
GC Investment Management has priced two CLO deals year to date.
The affiliate of New York-based middle market lender Golub Capital priced four CLOs and refinanced one CLO transaction in 2014.
Issuer: | Golub Capital Partners CLO 26(B) Ltd./Golub Capital Partners CLO 26(B) LLC
|
Amount: | $407.55 million
|
Maturity: | Nov. 5, 2027
|
Securities: | Floating-rate and subordinated notes
|
Structure: | Cash flow CLO
|
Placement agent: | J.P. Morgan Securities LLC
|
Manager: | GC Investment Management LLC
|
Call feature: | 2017
|
Pricing date: | Oct. 16
|
Settlement date: | Nov. 5
|
Distribution: | Rule 144A
|
|
Class A notes
|
Amount: | $256 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 165 bps
|
Rating: | Fitch: AAA
|
|
Class B notes
|
Amount: | $42.5 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 240 bps
|
Ratings: | Non-rated
|
|
Class C notes
|
Amount: | $20.6 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 340 bps
|
Ratings: | Non-rated
|
|
Class D notes
|
Amount: | $26.9 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 380 bps
|
Ratings: | Non-rated
|
|
Class E notes
|
Amount: | $22.2 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 540 bps
|
Ratings: | Non-rated
|
|
Equity
|
Amount: | $39.35 million
|
Securities: | Subordinated notes
|
Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.