By Cristal Cody
Tupelo, Miss., Nov. 10 – GC Investment Management LLC sold $796,205,000 of notes in a refinancing and reset of the Golub Capital Partners CLO 24(M)-R, Ltd./Golub Capital Partners CLO 24(M)-R, LLC middle-market transaction, according to a market source and a notice of executed supplemental indenture on Thursday.
The CLO priced $448.25 million of class A-R floating-rate notes at Libor plus 160 basis points; $72 million of class B-R floating-rate notes at Libor plus 200 bps; $76.5 million of class C-R floating-rate notes at Libor plus 260 bps; $56.25 million of class D-R floating-rate notes at Libor plus 390 bps and $143,205,000 of subordinated notes.
Wells Fargo Securities LLC arranged the offering.
The maturity on the refinanced notes was extended to Nov. 5, 2029 from the original Feb. 5, 2027 maturity.
The refinanced CLO has a non-call period that ends May 9, 2020. The reinvestment period ends Nov. 5, 2022.
The original transaction was issued in April 2015.
Proceeds were used to redeem the original notes.
GC Investment Management is a Chicago-based affiliate of middle market lender Golub Capital.
| Issuer: | Golub Capital Partners CLO 24(M)-R, Ltd./Golub Capital Partners CLO 24(M)-R, LLC
|
| Amount: | $796,205,000 refinancing
|
| Securities: | Floating-rate and subordinated notes
|
| Maturity: | Nov. 5, 2029
|
| Structure: | Middle-market CLO
|
| Refinancing agent: | Wells Fargo Securities LLC
|
| Manager: | GC Investment Management LLC
|
| Call feature: | May 9, 2020
|
| Settlement date: | Nov. 9
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $448.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $72 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $76.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $56.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | S&P: BBB-
|
|
|
| Equity
|
| Amount: | $143,205,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
