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PineBridge brings upsized $509.9 million CLO; 2015 AAAs price between 140 bps-200 bps range
By Cristal Cody
Tupelo, Miss., Feb. 11 – PineBridge Investments LLC brought an upsized $509.9 million CLO transaction, according to details from a market source.
The PineBridge CLO’s AAA-rated notes priced at Libor plus 155 basis points, in the mid-range of deals placed in 2015.
GSO/Blackstone Debt Funds Management LLC’s $509.5 million Dorchester Park CLO Ltd./Dorchester Park CLO LLC has priced the AAA notes tight year to date, a source said. The CLO sold the $312.5 million tranche of notes at Libor plus 140 bps.
Guggenheim Partners Investment Management, LLC’s $846.1 million NZCG Funding Ltd./NZCG Funding LLC transaction priced the AAA tranche near the widest side of the range year to date, according to a market source.
NZCG sold the $514 million tranche of class A-1 floating-rate notes at Libor plus 177 bps.
Fifth Street Management LLC brought a $309.45 million middle-market broadly syndicated CLO transaction that priced the AAA slice at the widest to date this year, a market source said.
Fifth Street Senior Loan Fund I, LLC sold $172.5 million of class A floating-rate notes at Libor plus 200 bps in the capital structure.
PineBridge taps market
PineBridge Investments sold $509.9 million of notes due Feb. 16, 2027 in eight tranches in the Galaxy XIX CLO Ltd./Galaxy XIX CLO LLC transaction, according to a market source.
The deal size was increased from $508.2 million.
Galaxy XIX CLO sold $288 million of class A-1A floating-rate notes at Libor plus 155 bps.
Lower in the tranches, the CLO priced $9 million of class E deferrable notes at Libor plus 610 bps.
Citigroup Global Markets Inc. arranged the offering.
PineBridge Investments will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The portfolio is backed primarily by broadly syndicated senior secured loans.
PineBridge, an asset management firm based in New York City, brought two CLO deals in 2014.
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