By Cristal Cody
Tupelo, Miss., July 17 – PineBridge Investments LLC priced $393.4 million of notes due July 15, 2028 in a refinancing of a vintage 2016 collateralized loan obligation offering, according to a market source and a notice of executed supplement indenture on Tuesday.
Galaxy XXII CLO Ltd./Galaxy XXII CLO LLC sold $2 million of class X senior floating-rate notes at Libor plus 60 basis points, $240.1 million of class A-1-R senior floating-rate notes at Libor plus 100 bps and $23.5 million of class A-2-R senior floating-rate notes at Libor plus 85 bps.
The CLO also priced $40.8 million of class B-1-R deferrable mezzanine floating-rate notes at Libor plus 168 bps and $3 million of class B-2-R deferrable mezzanine floating-rate notes at Libor plus 210 bps.
Galaxy XXII sold $11 million of class C-1 deferrable mezzanine floating-rate notes at Libor plus 205 bps; $13 million of class C-2-R deferrable mezzanine floating-rate notes at Libor plus 290 bps; $20 million of class D-R deferrable mezzanine floating-rate notes at Libor plus 310 bps and $20 million of class E-R deferrable junior floating-rate notes at Libor plus 575 bps.
Goldman Sachs & Co. LLC was the refinancing placement agent.
PineBridge Investments will continue to manage the CLO.
The non-call period was extended to July 2019. The reinvestment period ends in July 2020.
In the original $400 million transaction that was issued July 14, 2016, the CLO sold $223 million of class A-1 floating-rate notes at Libor plus 158 bps; $33.4 million of 2.8% class A-2 fixed-rate notes; $44.8 million of class B floating-rate notes at Libor plus 210 bps; $27.6 million of class C floating-rate notes at Libor plus 290 bps; $19.2 million of class D floating-rate notes at Libor plus 445 bps; $11.5 million of class E-1 floating-rate notes at Libor plus 700 bps; $8.5 million of class E-2 floating-rate notes at Libor plus 800 bps; $4 million of class F floating-rate notes at Libor plus 820 bps and $28 million of subordinated notes.
Proceeds were used to redeem the original notes.
The deal is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
PineBridge Investments is an asset management firm based in New York City.
| Issuer: | Galaxy XXII CLO Ltd./Galaxy XXII CLO LLC
|
| Amount: | $393.4 million refinancing
|
| Maturity: | July 15, 2028
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs & Co. LLC
|
| Manager: | PineBridge Investments LLC
|
| Call feature: | July 2019
|
| Settlement date: | July 16
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $2 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | $240.1 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $23.5 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 85 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $40.8 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 168 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2-R notes
|
| Amount: | $3 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-1-R notes
|
| Amount: | $11 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2-R notes
|
| Amount: | $13 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $20 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E-R notes
|
| Amount: | $20 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | S&P: BB-
|
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