By Cristal Cody
Tupelo, Miss., Nov. 8 - GC Investment Management LLC priced a $556.15 collateralized loan obligation offering of notes due 2025, according to a market source.
Golub Capital Partners CLO 17, Ltd./Golub Capital Partners CLO 17 LLC sold $305 million of class A-1 senior secured floating-rate notes (Aaa/AAA/) at Libor plus 175 basis points; $55 million of class A-2 senior secured floating-rate notes (Aa2) at Libor plus 240 bps; $52 million of class B senior secured deferrable floating-rate notes (A2) at Libor plus 383 bps; $23 million of class C senior secured deferrable floating-rate notes (Baa2) at Libor plus 475 bps and $121.15 million of subordinated notes in the equity tranche.
Citigroup Global Markets Inc. was the underwriter.
The CLO has a two-year non-call period and a four-year reinvestment period.
The notes are backed primarily by first-lien senior secured small and medium enterprise and broadly syndicated corporate loans.
GC Investment Management, an affiliate of New York-based middle market lender Golub Capital, will manage the CLO.
The firm priced the $502.51 million Golub Capital Partners CLO 16, Ltd./Golub Capital Partners CLO 16 LLC transaction in July.
| Issuer: | Golub Capital Partners CLO 17, Ltd./Golub Capital Partners CLO 17 LLC
|
| Amount: | $556.15 million
|
| Maturity: | 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | GC Investment Management LLC
|
| Call feature: | 2015
|
| Settlement date: | Nov. 21
|
|
|
| Class A-1 notes
|
| Amount: | $305 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $55 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B notes
|
| Amount: | $52 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 383 bps
|
| Rating: | Moody's: A2
|
|
|
| Class C notes
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| Amount: | $23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | Moody's: Baa2
|
|
|
| Equity tranche
|
| Amount: | $121.15 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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