By Cristal Cody
Tupelo, Miss., Dec. 16 – OPAL BSL LLC priced $406.75 million of notes due Jan. 20, 2034 in a new broadly syndicated collateralized loan obligation offering in December, according to market sources.
Golub Capital Partners CLO 52(B) Ltd./Golub Capital Partners CLO 52(B) LLC sold $240 million of class A-1 floating-rate notes at Libor plus 144 basis points, $10 million of class A-2 floating-rate notes at Libor plus 180 bps and $54 million of class B floating-rate notes at Libor plus 200 bps.
The CLO also priced $24 million of class C deferrable floating-rate notes at Libor plus 280 bps, $20 million of class D deferrable floating-rate notes at Libor plus 410 bps, $14 million of class E deferrable floating-rate notes at Libor plus 675 bps and $44.75 million of subordinated notes.
J.P. Morgan Securities, LLC was the deal arranger.
The CLO has a two-year non-call period and a five-year reinvestment period.
The notes are backed primarily by broadly syndicated first-lien senior secured loans.
OPAL is an affiliate of New York-based middle market lender Golub Capital.
| Issuer: | Golub Capital Partners CLO 52(B) Ltd./Golub Capital Partners CLO 52(B) LLC
|
| Amount: | $406.75 million
|
| Securities: | Floating-rate and subordinated notes
|
| Maturity: | Jan. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities, LLC
|
| Manager: | GC Investment Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Dec. 4
|
| Settlement date: | Dec. 23
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 144 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $54 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
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| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $44.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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