By Cristal Cody
Eureka Springs, Ark., Oct. 3 – PineBridge Investments Europe Ltd. priced a €411.1 million collateralized loan obligation offering of notes due Nov. 10, 2030, according to a market source.
Euro-Galaxy V CLO BV sold €60 million of class A-R senior secured variable funding notes (Aaa/AAA) at Euribor plus 114 basis points; €184 million of class A-1 senior secured floating-rate notes (Aaa/AAA) at Euribor plus 114 bps; €49.2 million of class B senior secured floating-rate notes (Aa2/AA) at Euribor plus 175 bps; €23.2 million of class C senior secured deferrable floating-rate notes (A2/A) at Euribor plus 275 bps; €19.2 million of class D senior secured deferrable floating-rate notes (Baa2/BBB) at Euribor plus 360 bps; €23.3 million of class E senior secured deferrable floating-rate notes (Ba2/BB) at Euribor plus 630 bps; €12.3 million of class F senior secured deferrable floating-rate notes (B2/B-) at Euribor plus 800 bps and €39.9 million of subordinated notes.
J.P. Morgan Securities plc was 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.
The CLO is non-callable until Nov. 10, 2018, and the reinvestment period ends Nov. 10, 2020.
PineBridge has priced one CLO offering year to date and priced one euro-denominated CLO in 2015.
The CLO manager is an affiliate of New York City-based asset management firm PineBridge Investments LLC.
| Issuer: | Euro-Galaxy V CLO BV
|
| Amount: | €411.1 million
|
| Maturity: | Nov. 10, 2030
|
| Securities: | Variable funding, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities plc
|
| Manager: | PineBridge Investments Europe Ltd.
|
| Call feature: | Nov. 10, 2018
|
| Pricing date: | Sept. 29
|
| Settlement date: | Nov. 10
|
|
|
| Class A-R notes
|
| Amount: | €60 million
|
| Securities: | Senior secured variable funding notes
|
| Coupon: | Euribor plus 114 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-1 notes
|
| Amount: | €184 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 114 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B notes
|
| Amount: | €49.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | €23.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 275 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D notes
|
| Amount: | €19.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 360 bps
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class E notes
|
| Amount: | €23.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 630 bps
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
|
|
| Class F notes
|
| Amount: | €12.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 800 bps
|
| Ratings: | Moody’s: B2
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | €39.9 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.
