PineBridge Investments plans $411.2 million Galaxy XXI CLO offering

By Cristal Cody

Tupelo, Miss., Nov. 5 – PineBridge Investments LLC plans to price a $411.2 million collateralized loan obligation offering of notes due Jan. 15, 2028, according to a market source.

The Galaxy XXI CLO Ltd./Galaxy XXI CLO LLC transaction includes $259 million of class A floating-rate notes (//AAA); $45 million of class B floating-rate notes; $25 million of class C floating-rate notes; $21 million of class D floating-rate notes; $9 million of class E-1 floating-rate notes; $9 million of class E-2 floating-rate notes, $8 million of class F floating-rate notes and $35.2 million of subordinated notes.

Barclays is the placement agent.

PineBridge Investments will manage the CLO.

The CLO has a 2.1-year non-call period and 4.1-year reinvestment period.

The deal 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 $400 million of mainly senior secured leveraged loans.

PineBridge Investments has priced two U.S. CLOs and one euro-denominated CLO year to date.

The New York City-based asset management firm brought to market two CLO transactions in 2014.

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