By Cristal Cody
Tupelo, Miss., March 30 – GLG Partners LP priced €309.2 million of notes due May 1, 2028 in a European collateralized loan obligation offering, according to a market source.
GLG Euro CLO I Ltd. sold €181 million of class A-1 senior secured floating-rate notes at Euribor plus 135 basis points; €5 million of 1.59% class A-2 senior secured fixed-rate notes; €18.1 million of class B-1 senior secured floating-rate notes at Euribor plus 220 bps; €12 million of 2.5% class B-2 senior secured fixed-rate notes; €19 million of class C deferrable floating-rate notes at Euribor plus 310 bps; €14.8 million of class D deferrable floating-rate notes at Euribor plus 415 bps; €19.2 million of class E deferrable floating-rate notes at Euribor plus 550 bps; €7 million of class F deferrable floating-rate notes at Euribor plus 660 bps and €33.1 million of subordinated notes.
Morgan Stanley & Co. International plc was the placement agent.
GLG Partners will manage the CLO.
The notes are secured primarily by secured senior loans or senior secured bonds.
GLG Partners is an alternative asset manager based in London.
| Issuer: | GLG Euro CLO I Ltd.
|
| Amount: | €309.2 million
|
| Maturity: | May 1, 2028
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. International plc
|
| Manager: | GLG Partners LP
|
| Pricing date: | March 26
|
| Settlement date: | April 30
|
|
|
| Class A-1 notes
|
| Amount: | €181 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 135 bps
|
| Price: | 99.74
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA (expected)
|
|
|
| Class A-2 notes
|
| Amount: | €5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.59%
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA (expected)
|
|
|
| Class B-1 notes
|
| Amount: | €18.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 220 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA (expected)
|
|
|
| Class B-2 notes
|
| Amount: | €12 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.5%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA (expected)
|
|
|
| Class C notes
|
| Amount: | €19 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 310 bps
|
| Price: | 99.67
|
| Ratings: | Moody’s: A2
|
| Fitch: A (expected)
|
|
|
| Class D notes
|
| Amount: | €14.8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 415 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB (expected)
|
|
|
| Class E notes
|
| Amount: | €19.2 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 550 bps
|
| Price: | 95.78
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB (expected)
|
|
|
| Class F notes
|
| Amount: | €7 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 660 bps
|
| Price: | 90.33
|
| Ratings: | Moody’s: B2
|
| Fitch: B- (expected)
|
|
|
| Equity
|
| Amount: | €33.1 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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