By Cristal Cody
Tupelo, Miss., Oct. 20 – GC Investment Management LLC priced $677.53 million of notes due Oct. 20, 2029 in a new middle-market collateralized loan obligation, according to a market source.
Golub Capital Partners TALF 2020-1, LP/Golub Capital Partners TALF 2020-1, LLC sold $409.5 million of class A floating-rate notes at Libor plus 195 basis points, $45.5 million of class B floating-rate notes at Libor plus 275 bps, $52.5 million of class C deferrable floating-rate notes at Libor plus 365 bps and $170.03 million of subordinated notes.
SG Americas Securities LLC was the placement agent.
GC Investment Management will manage the CLO, which is non-callable until April 19, 2022.
The notes are backed primarily by a static portfolio of middle-market senior secured corporate loans.
GC Investment Management is an affiliate of New York-based middle market lender Golub Capital.
| Issuer: | Golub Capital Partners TALF 2020-1, LP/Golub Capital Partners TALF 2020-1, LLC
|
| Amount: | $677.53 million
|
| Maturity: | Oct. 20, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Middle-market CLO
|
| Placement agent: | SG Americas Securities LLC
|
| Manager: | GC Investment Management LLC
|
| Call feature: | April 19, 2022
|
| Settlement date: | Oct. 30
|
|
|
| Class A notes
|
| Amount: | $409.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Ratings: | S&P: AAA
|
| Kroll: AAA
|
|
|
| Class B notes
|
| Amount: | $45.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $52.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Ratings: | S&P: A
|
|
|
| Equity
|
| Amount: | $170.03 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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