By Cristal Cody
Tupelo, Miss., July 31 – PineBridge Investments Europe Ltd. priced €371.2 million of notes due Nov. 10, 2030 in a refinancing of a vintage 2016 euro-denominated collateralized loan obligation offering, according to a market source and a notice to noteholders on Wednesday.
Euro-Galaxy V CLO BV sold €60 million of class A-R-R senior secured variable funding notes at Euribor plus 88 basis points, €184 million of class A-R senior secured floating-rate notes at Euribor plus 88 bps and €49.2 million of class B-R senior secured floating-rate notes at Euribor plus 175 bps.
The CLO priced €23.2 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 245 bps, €19.2 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 375 bps, €23.3 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 650 bps and €12.3 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 875 bps.
The class A-R-R through class D-R notes priced at par, while the class E-R notes priced at 99.5 and the class F-R notes priced at 98.5.
Merrill Lynch International was the refinancing placement agent.
PineBridge Investments Europe will continue to manage the CLO, which is backed primarily by euro-denominated senior secured loans and bonds. Credit Industriel et Commercial SA also will remain as the junior collateral manager.
The CLO has a remaining reinvestment period that ends Nov. 10, 2020.
The original CLO deal was issued Nov. 10, 2016. In that offering, the €411.1 million vehicle had priced €60 million of class A-R senior secured variable funding notes at Euribor plus 114 bps; €184 million of class A-1 senior secured floating-rate notes at Euribor plus 114 bps; €49.2 million of class B senior secured floating-rate notes at Euribor plus 175 bps; €23.2 million of class C senior secured deferrable floating-rate notes at Euribor plus 275 bps; €19.2 million of class D senior secured deferrable floating-rate notes at Euribor plus 360 bps; €23.3 million of class E senior secured deferrable floating-rate notes at Euribor plus 630 bps; €12.3 million of class F senior secured deferrable floating-rate notes at Euribor plus 800 bps and €39.9 million of subordinated notes.
Proceeds will be used to redeem the outstanding notes.
PineBridge is an affiliate of New York City-based asset management firm PineBridge Investments LLC.
| Issuer: | Euro-Galaxy V CLO BV
|
| Amount: | €411.1 million refinancing
|
| Maturity: | Nov. 10, 2030
|
| Securities: | Variable funding, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Merrill Lynch International
|
| Manager: | PineBridge Investments Europe Ltd.
|
| Pricing date: | July 26
|
| Settlement date: | Aug. 12
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-R-R notes
|
| Amount: | €60 million
|
| Securities: | Senior secured variable funding notes
|
| Coupon: | Euribor plus 88 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | €184 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 88 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | €49.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | €23.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 245 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class D-R notes
|
| Amount: | €19.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 375 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
|
|
| Class E-R notes
|
| Amount: | €23.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 650 bps
|
| Price: | 99.5
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB
|
|
|
| Class F-R notes
|
| Amount: | €12.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 875 bps
|
| Price: | 98.5
|
| Ratings: | Moody’s: B3
|
| S&P: B-
|
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