By Cristal Cody
Tupelo, Miss., Aug. 9 – GLG Partners LP sold €224.7 million of notes due Jan. 15, 2030 in a refinancing of two tranches from the firm’s collateralized loan obligation transaction first priced in 2016, according to a market source.
GLG Euro CLO II DAC sold €207 million of class A-1-R senior secured floating-rate notes at par to yield Euribor plus 87 basis points and €17.7 million of class C-R deferrable mezzanine floating-rate notes at par to yield Euribor plus 245 bps.
The placement agent was Morgan Stanley & Co. International plc.
GLG Partners will continue to manage the CLO.
In the original GLG Euro CLO II offering issued Dec. 14, 2016, the CLO sold €207 million of class A-1 senior secured floating-rate notes at Euribor plus 103 bps; €10 million of 1.15% class A-2 senior secured fixed-rate notes; €43.9 million of class B senior secured floating-rate notes at Euribor plus 170 bps; €17.7 million of class C deferrable mezzanine floating-rate notes at Euribor plus 250 bps; €17.3 million of class D deferrable mezzanine floating-rate notes at Euribor plus 380 bps; €19.2 million of class E deferrable junior floating-rate notes at Euribor plus 655 bps; €7.7 million of class F deferrable junior floating-rate notes at Euribor plus 875 bps and €41.2 million of subordinated notes.
Proceeds will be used to redeem the outstanding class A-1 and class C notes.
The CLO is backed primarily by secured senior loans and bonds.
GLG Partners is an alternative asset manager based in London.
| Issuer: | GLG Euro CLO II Ltd.
|
| Amount: | €224.7 million refinancing
|
| Maturity: | Jan. 15, 2030
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. International plc
|
| Manager: | GLG Partners LP
|
| Pricing date: | July 24
|
| Settlement date: | Aug. 23
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | €207 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 87 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class C-R notes
|
| Amount: | €17.7 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 245 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2 expected
|
| Fitch: A expected
|
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