By Cristal Cody
Tupelo, Miss., March 4 – GC Investment Management LLC priced a $399.5 million reissue and reset of the Golub Capital Partners CLO 34(M) Ltd./Golub Capital Partners CLO 34(M) LLC middle-market transaction, according to a market source and a notice of optional redemption by refinancing and proposed supplemental indenture.
The CLO sold $195 million of class A-R floating-rate notes at Libor plus 170 basis points, $50 million of class A-R loans at Libor plus 170 bps and $16 million of 4.26% class A-R-F fixed-rate notes.
Golub also priced $48.5 million of class B-1-R floating-rate notes at Libor plus 260 bps, $19 million of 5.11% class B-2-R-F fixed-rate notes, $52 million of class C-R floating-rate notes at Libor plus 365 bps and $19 million of D-R floating-rate notes at Libor plus 375 bps.
Natixis Securities America LLC arranged the offering.
GC Investment Management will continue to manage the CLO.
The maturity date was extended to March 14, 2031 from the original March 8, 2029 maturity.
The reset CLO has a non-call period that ends March 14, 2021 and a reinvestment period ending March 14, 2023.
In the original offering issued March 8, 2017, the CLO priced $226.1 million of class A-1 floating-rate notes at Libor plus 185 bps; $36.8 million of class A-2 floating-rate notes at Libor plus 250 bps; $41.1 million of class B floating-rate notes at Libor plus 350 bps; $18.6 million of class C floating-rate notes at Libor plus 450 bps and $88.78 million of subordinated notes.
Proceeds will be used to redeem the original notes.
The CLO is collateralized primarily by middle-market senior secured term loans.
GC Investment Management is an affiliate of New York-based middle market lender Golub Capital.
| Issuer: | Golub Capital Partners CLO 34(M) Ltd./Golub Capital Partners CLO 34(M) LLC
|
| Amount: | $399.5 million refinancing
|
| Securities: | Fixed- and floating-rate notes
|
| Maturity: | March 14, 2031
|
| Structure: | Middle market CLO
|
| Refinancing agent: | Natixis Securities America LLC
|
| Manager: | GC Investment Management LLC
|
| Call feature: | March 14, 2021
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 14
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $195 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AAA expected
|
|
|
| Class A-R loans
|
| Amount: | $50 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AAA expected
|
|
|
| Class A-R-F notes
|
| Amount: | $16 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.26%
|
| Rating: | S&P: AAA expected
|
|
|
| Class B-1-R notes
|
| Amount: | $48.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: AA expected
|
|
|
| Class B-2-R notes
|
| Amount: | $19 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 5.11%
|
| Rating: | S&P: AA expected
|
|
|
| Class C-R notes
|
| Amount: | $52 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | S&P: A expected
|
|
|
| Class D-R notes
|
| Amount: | $19 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | S&P: BBB- expected
|
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