PineBridge Investments Europe offers €411.1 million Euro-Galaxy V CLO

By Cristal Cody

Eureka Springs, Ark., Sept. 29 – PineBridge Investments Europe Ltd. is in the deal pipeline with a €411.1 million collateralized loan obligation offering, according to a market source.

The Euro-Galaxy V CLO BV transaction includes €60 million of class A-R floating-rate notes (AAA); €184 million of class A-1 floating-rate notes (AAA); €49.2 million of class B floating-rate notes (AA); €23.2 million of class C floating-rate notes (A); €19.2 million of class D floating-rate notes (BBB); €23.3 million of class E floating-rate notes (BB); €12.3 million of class F floating-rate notes (B-) and €39.9 million of subordinated notes.

J.P. Morgan Securities plc is the placement agent.

PineBridge Investments Europe will manage the CLO, which is backed primarily by euro-denominated senior secured loans and bonds. Credit Industriel et Commercial is the junior collateral manager.

PineBridge last priced a euro-denominated CLO in 2015.

PineBridge Investments Europe is an affiliate of New York City-based asset management firm PineBridge Investments LLC.

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