By Cristal Cody
Tupelo, Miss., Nov. 18 - PineBridge Investments Europe Ltd. priced €335 million of notes due 2027 in a new European collateralized loan obligation, according to informed sources on Monday.
Euro-Galaxy III CLO BV sold €67 million of variable-funding notes (/AAA/AAA) at Euribor plus 130 basis points.
The CLO priced €94 million of class A-1 senior secured floating-rate notes (/AAA/AAA) at Euribor plus 130 bps; €40 million of class A-2 senior secured floating-rate notes (/AAA/AAA) at Euribor plus 170 bps; €19 million of 3.47% class B-1 senior secured fixed-rate notes (/AA/AA) and €22.25 million of class B-2 senior secured floating-rate notes (/AA/AA) at Euribor plus 210 bps.
Lower in the capital structure, Euro-Galaxy III CLO sold €7.75 million of 4% class C-1 fixed-rate notes (/A/A); €11.25 million of class C-2 floating-rate notes (/A/A) at Euribor plus 300 bps; €6.75 million of 5% class D-1 fixed-rate notes (/BBB/BBB); €7.75 million of class D-2 floating-rate notes (/BBB/BBB) at Euribor plus 380 bps; €20.75 million of class E floating-rate notes (/BB/BB) at Euribor plus 520 bps and €38.5 million of subordinated notes.
Barclays arranged the offering.
The notes have a non-callable period that ends in December 2015 and a reinvestment period that ends in December 2017.
PineBridge Investments Europe will manage the CLO. During the reinvestment period, Credit Industriel et Comercial will act as junior collateral manager.
The CLO is backed by a revolving pool of euro-denominated senior secured loans and bonds to broadly syndicated corporate borrowers.
PineBridge, a subsidiary of New York City-based PineBridge Investments LLC, plans to use the proceeds from the deal to purchase a €327.75 million portfolio of European leveraged loans and bonds.
| Issuer: | Euro-Galaxy III CLO BV
|
| Amount: | €335 million
|
| Maturity: | 2027
|
| Securities: | Variable-funding, fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: Barclays
|
| Manager: | PineBridge Investments Europe Ltd.
|
| Call feature: | December 2015
|
| Settlement date: | Dec. 15
|
|
|
| Variable-funding notes
|
| Amount: | €67 million
|
| Securities: | Variable-funding notes
|
| Coupon: | Euribor plus 130 bps
|
| Ratings: | Standard & Poor's: AAA
|
| Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | €94 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 130 bps
|
| Ratings: | Standard & Poor's: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Ratings: | Standard & Poor's: AAA
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €19 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.47%
|
| Ratings: | Standard & Poor's: AA
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €22.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Ratings: | Standard & Poor's: AA
|
| Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | €7.75 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4%
|
| Ratings: | Standard & Poor's: A
|
| Fitch: A
|
|
|
| Class C-2 notes
|
| Amount: | €11.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Ratings: | Standard & Poor's: A
|
| Fitch: A
|
|
|
| Class D-1 notes
|
| Amount: | €6.75 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 5%
|
| Ratings: | Standard & Poor's: BBB
|
| Fitch: BBB
|
|
|
| Class D-2 notes
|
| Amount: | €7.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 380 bps
|
| Ratings: | Standard & Poor's: BBB
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €20.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 520 bps
|
| Ratings: | Standard & Poor's: BB
|
| Fitch: BB
|
|
|
| Equity tranche
|
| Amount: | €38.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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