By Cristal Cody
Tupelo, Miss., April 7 - GC Investment Management LLC priced $410.5 million of notes due 2026 in a collateralized loan obligation offering, according to an informed source on Monday.
Golub Capital Partners CLO 19 (B) Ltd./Golub Capital Partners CLO 19 (B) LLC sold $131.5 million of class A-1A senior secured floating-rate notes (Aaa/AAA/) at Libor plus 150 basis points, $124 million of class A-1B senior secured floating-rate notes (Aaa/AAA/) at Libor plus 158 bps and $49 million of class A-2 senior secured floating-rate notes (Aa2//) at Libor plus 200 bps.
The CLO also priced $18.75 million of class B secured deferrable floating-rate notes (A2//) at Libor plus 275 bps, $22.8 million of class C secured deferrable floating-rate notes (Baa3//) at Libor plus 350 bps, $22 million of class D secured deferrable floating-rate notes (Ba3//) at Libor plus 475 bps and $4.8 million of class E secured deferrable floating-rate notes (B2//) at Libor plus 550 bps.
The deal included $37.65 million of subordinated notes in the equity tranche.
Citigroup Global Markets Inc. arranged the transaction.
GC Investment Management will manage the CLO.
The portfolio is backed primarily by first-lien senior secured loans.
The CLO has a two-year non-call period and a four-year reinvestment period.
Proceeds will be used to purchase a $400 million portfolio of primarily senior secured leveraged loans.
GC Investment Management priced the $453.12 million Golub Capital Partners CLO 18 (M) Ltd./Golub Capital Partners CLO 18 (M) LLC deal on Feb. 27. The affiliate of New York-based middle-market lender Golub Capital brought three CLO transactions in 2013.
| Issuers: | Golub Capital Partners CLO 19 (B) Ltd./Golub Capital Partners CLO 19 (B) LLC
|
| Amount: | $410.5 million
|
| Maturity: | 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | GC Investment Management LLC
|
| Call feature: | 2016
|
| Pricing date: | April 7
|
| Settlement date: | April 30
|
| Distribution: | Rule 144A
|
|
|
| Class A-1A notes
|
| Amount: | $131.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | $124 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 158 bps
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $49 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B notes
|
| Amount: | $18.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | Moody's: A2
|
|
|
| Class C notes
|
| Amount: | $22.8 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class E notes
|
| Amount: | $4.8 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Moody's: B2
|
|
|
| Equity tranche
|
| Amount: | $37.65 million
|
| Securities: | Subordinated notes
|
| Rating: | 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.
