Golub Capital Partners CLO 10 to refinance $257.25 million of notes

By Cristal Cody

Tupelo, Miss., June 23 – Golub Capital Partners CLO 10, Ltd. and Golub Capital Partners CLO 10, LLC plan to refinance $257.25 million of their $306.13 million Rule 144A/Regulation S eligible global secured notes due Oct. 20, 2021, according to a notice of optional redemption and a market source.

The transaction originally priced in 2011.

Golub CLO 10 will refinance $197 million of class A senior secured floating-rate notes (Aaa/AAA/), $12.5 million of class B senior secured floating-rate notes (/AA/), $31.75 million of class C deferrable floating-rate notes (/A/) and $16 million of class D deferrable floating-rate notes (/BBB/).

The refinanced CLO also will include the original tranches of $15 million of class E deferrable floating-rate notes (/BB/), $9 million of class F deferrable floating-rate notes (/B/) and $24.88 million of subordinated notes. The spreads on the class E and F tranches are Libor plus 520 basis points, according to the notice.

Wells Fargo Securities LLC is the refinancing agent.

GC Investment Management LLC and GC Advisors LLC are the CLO managers.

Golub Capital Partners Holdings Ltd. is the majority holder of the subordinated notes.

Proceeds from the refinancing will be used to redeem the existing notes on July 21.

Golub Capital was last in the CLO primary market on May 14 with the $401.8 million Golub Capital Partners BDC CLO 2014 LLC transaction.

The New York-based middle market lender brought three CLO deals in 2013.

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