By Cristal Cody
Tupelo, Miss., April 6 – GLG Partners LP priced €412.2 million of notes in a refinancing and reset of a renamed 2015 European collateralized loan obligation, according to a market source.
Man GLG Euro CLO I DAC sold €3 million of class X senior secured floating-rate notes at Euribor plus 40 basis points, €219 million of class A-1 senior secured floating-rate notes at Euribor plus 74 bps, €15 million of 1.55% class A-2 senior secured fixed-rate notes, €42 million of class B-1 senior secured floating-rate notes at Euribor plus 115 bps and €13 million of 2.05% class B-2 senior secured fixed-rate notes.
The CLO priced €26 million of class C deferrable mezzanine floating-rate notes at Euribor plus 160 bps; €22 million of class D deferrable mezzanine floating-rate notes at Euribor plus 245 bps; €22 million of class E deferrable junior floating-rate notes at Euribor plus 485 bps; €12 million of class F deferrable junior floating-rate notes at Euribor plus 645 bps and €38 million of subordinated notes.
Morgan Stanley & Co. International plc arranged the deal.
The maturity on the notes was extended to 2030 from the original May 1, 2028 maturity.
The reset CLO has a four-year reinvestment period.
In the original €309.2 million GLG Euro CLO I Ltd. offering issued on April 29, 2015, the CLO sold €181 million of class A-1 senior secured floating-rate notes at Euribor plus 135 bps, €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 and €12 million of 2.5% class B-2 senior secured fixed-rate notes.
The CLO also sold €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.
The GLG Euro CLO I notes were refinanced July 17, 2017.
Proceeds will be used to redeem the existing notes.
The CLO is secured primarily by secured senior loans or senior secured bonds.
GLG Partners is an alternative asset manager based in London.
| Issuer: | Man GLG Euro CLO I Ltd.
|
| Amount: | €412.2 million refinancing
|
| Maturity: | 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. International plc
|
| Manager: | GLG Partners LP
|
| Settlement date: | April 16
|
| Distribution: | Private placement
|
|
|
| Class X notes
|
| Amount: | €3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 40 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | €219 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 74 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.55%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €42 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 115 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €13 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.05%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €26 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €22 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 245 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €22.2 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 485 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €12 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 645 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €38 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
|
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