By Cristal Cody
Tupelo, Miss., Jan. 28 – GC Investment Management LLC priced $404.75 of notes due Feb. 15, 2027 in a Europe-compliant collateralized loan obligation offering, according to a market source on Wednesday.
Golub Capital Partners CLO 22 (B) Ltd./Golub Capital Partners CLO 22 (B) LLC sold $256 million of class A-1 senior secured floating-rate notes at Libor plus 140 basis points.
The CLO also priced $43.9 million of class A-2 senior secured floating-rate notes at Libor plus 230 bps; $20.1 million of class B secured deferrable floating-rate notes at Libor plus 315 bps; $26 million of class C secured deferrable floating-rate notes at Libor plus 420 bps; $22 million of class D secured deferrable floating-rate notes at Libor plus 555 bps and $36.75 of subordinated notes.
J.P. Morgan Securities LLC arranged the transaction.
GC Investment Management is the CLO manager.
The CLO has a two-year non-call period and a four-year reinvestment period.
The portfolio is backed mainly by broadly syndicated first-lien senior secured loans and eligible investments.
The transaction complies with European Union risk retention requirements.
Proceeds from the deal will be used to purchase a portfolio of about $400 million of primarily senior secured leveraged loans.
GC Investment Management, an affiliate of New York-based investment management firm Golub Capital, brought four CLO deals in 2014.
| Issuer: | Golub Capital Partners CLO 22 (B) Ltd./Golub Capital Partners CLO 22 (B) LLC
|
| Amount: | $404.75 million
|
| Maturity: | Feb. 15, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | GC Investment Management LLC
|
| Call feature: | 2017
|
| Pricing date: | Jan. 28
|
| Settlement date: | Feb. 16
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $43.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B notes
|
| Amount: | $20.1 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 420 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 555 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity tranche
|
| Amount: | $36.75 million
|
| 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.
