Chicago, May 24 – PineBridge Investments Europe Ltd. refinanced the rated notes from the collateralized loan obligation originally issued in April 2019 by Euro-Galaxy VII CLO BV, according to multiple notices.
The maturity date has been extended to July 25, 2035 from April 2032.
The €372 million refinancing notes include the €248 million of class A senior secured floating-rate notes at Euribor plus 83 basis points, €28 million of class B-1 senior secured floating-rate notes at Euribor plus 165 bps and €10 million of class B-2 1.97% senior secured fixed-rate notes.
Lower, there are €25 million of class C senior secured deferrable floating-rate notes at Euribor plus 240 bps, €29 million of class D senior secured deferrable floating-rate notes at Euribor plus 350 bps, €20 million of class E senior secured deferrable floating-rate notes at Euribor plus 620 bps and €12 million of class F senior secured deferrable floating-rate notes at Euribor plus 856 bps.
The notes priced on top of talk.
The original CLO had €2 million of class X senior secured floating-rate notes at Euribor plus 44 bps, €208 million of class A-1 senior secured floating-rate notes at Euribor plus 114 bps, €40 million of 1.35% class A-2 senior secured fixed-rate notes and €37 million of B senior secured floating-rate notes at Euribor plus 185 bps.
The CLO also priced €26 million of class C senior secured deferrable floating-rate notes at Euribor plus 275 bps; €26.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 396 bps; €22.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 616 bps; €9.5 million of class F senior secured deferrable floating-rate notes at Euribor plus 854 bps.
There were €4 million of class Z subordinated notes and €37.75 million of subordinated notes that will remain outstanding.
PineBridge will continue to manage the collateral during the four-year reinvestment period which ends Jan. 25, 2026.
The notes are chiefly backed by senior secured loans or senior secured bonds.
The non-call period ends on Nov. 20, 2022.
Citigroup Global Markets Ltd. is the initial purchaser for the refinancing notes.
The CLO manager is an affiliate of New York City-based asset management firm PineBridge Investments LLC.
| Issuer: | Euro-Galaxy VII CLO BV
|
| Issue: | Floating-rate and fixed-rate notes
|
| Amount: | €372 million
|
| Maturity: | July 25, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | PineBridge Investments Europe Ltd.
|
| Call feature: | Nov. 20, 2022
|
| Settlement date: | May 20
|
|
|
| Class A notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 83 bps
|
| Rating: | Moody's: Aaa
|
| Price talk: | Euribor plus 83 bps
|
|
|
| Class B-1 notes
|
| Amount: | €28 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 165 bps
|
| Rating: | Moody's: Aa2
|
| Price talk: | Euribor plus 165 bps at par
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.97%
|
| Rating: | Moody's: Aa2
|
| Price talk: | 1.97% at par
|
|
|
| Class C notes
|
| Amount: | €25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 240 bps
|
| Rating: | Moody's: A2
|
| Price talk: | Euribor plus 240 bps at par
|
|
|
| Class D notes
|
| Amount: | €29 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 350 bps
|
| Rating: | Moody's: Baa3
|
| Price talk: | Euribor plus 350 bps at par
|
|
|
| Class E notes
|
| Amount: | €20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 620 bps
|
| Rating: | Moody's: Ba3
|
| Price talk: | Euribor plus 620 bps at 98.5
|
|
|
| Class F notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 856 bps
|
| Rating: | Moody's: B3
|
| Price talk: | Euribor plus 856 bps at 96
|
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