By Cristal Cody
Tupelo, Miss., May 29 – PineBridge Investments LLC priced $521.5 million of notes due 2026 in a new collateralized loan obligation offering, according to a market source.
Galaxy XXIX CLO Ltd./Galaxy XXIX CLO LLC sold $320 million of class A senior floating-rate notes at a discount margin of Libor plus 79 basis points and $58 million of class B senior floating-rate notes at a discount margin of Libor plus 140 bps.
In addition, the CLO priced $32 million of class C deferrable mezzanine floating-rate notes at a discount margin of Libor plus 168 bps; $27 million of class D deferrable mezzanine floating-rate notes at a discount margin of Libor plus 240 bps and $27.5 million of class E deferrable junior floating-rate notes at a discount margin of Libor plus 455 bps.
The deal included $57,625,000 of class A subordinated notes and $375,000 of class B subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
PineBridge Investments will manage the CLO.
The CLO does not have a call feature.
The deal is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
PineBridge Investments is an asset management firm based in New York City.
| Issuer: | Galaxy XXIX CLO Ltd./Galaxy XXIX CLO LLC
|
| Amount: | $521.5 million
|
| Maturity: | 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | PineBridge Investments LLC
|
| Call feature: | None
|
| Pricing date: | May 7
|
| Settlement date: | May 24
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Senior floating-rate notes
|
| Discount margin: | Libor plus 79 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $58 million
|
| Securities: | Senior floating-rate notes
|
| Discount margin: | Libor plus 140 bps
|
| Rating: | Moody’s: Aa1
|
|
|
| Class C notes
|
| Amount: | $32 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Discount margin: | Libor plus 168 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $27 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Discount margin: | Libor plus 240 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $27.5 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Discount margin: | Libor plus 455 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $57,625,000
|
| Securities: | Class A subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $375,000
|
| Securities: | Class B subordinated notes
|
| Ratings: | Non-rated
|
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