PineBridge brings upsized $555.5 million CLO; U.S. volume hits nearly $50 billion

By Cristal Cody

Tupelo, Miss., May 27 – New U.S. CLO issuance includes a $555.5 million deal from PineBridge Investments LLC, according to a market source on Wednesday.

PineBridge upsized the deal from $506 million.

U.S. CLO managers have priced about $49.7 billion of notes across 96 deals year to date, according to data compiled by Prospect News.

PineBridge upsizes

PineBridge Investments sold $555.5 million of notes in the Galaxy XX CLO Ltd./Galaxy XX CLO LLC offering, according to a market source.

The CLO priced $352 million of class A senior floating-rate notes (Aaa//AAA) at Libor plus 145 basis points at the top of the capital structure.

The CLO also priced $26.95 million of class E deferrable floating-rate notes (Ba3) at Libor plus 550 bps at the bottom of the capital stack.

The notes are due June 30, 2027.

Goldman Sachs & Co. was the placement agent.

PineBridge Investments will manage the CLO, which is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.

Proceeds from the offering will be used to purchase a portfolio of about $500 million of mostly senior secured leveraged loans.

PineBridge Investments was last in the primary market on Jan. 29 with the $509.9 million Galaxy XIX CLO Ltd./Galaxy XIX CLO LLC deal.

The New York City-based asset management firm priced two CLOs in 2014.

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