By Cristal Cody
Tupelo, Miss., April 25 – PineBridge Investments Europe Ltd. priced €413.25 million of notes due April 2032 in a new collateralized loan obligation offering that closed on Thursday, according to a market source.
Euro-Galaxy VII CLO BV sold €2 million of class X senior secured floating-rate notes at Euribor plus 44 basis points, €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; €4 million of class Z subordinated notes and €37.75 million of subordinated notes.
Credit Suisse Securities (Europe) Ltd. was the placement agent.
The CLO is collateralized mainly by senior secured loans and senior secured bonds.
PineBridge priced one euro-denominated CLO in 2018.
The CLO manager is an affiliate of New York City-based asset management firm PineBridge Investments LLC.
| Issuer: | Euro-Galaxy VII CLO BV
|
| Amount: | €413.25 million
|
| Maturity: | April 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (Europe) Ltd.
|
| Manager: | PineBridge Investments Europe Ltd.
|
| Pricing date: | March 15
|
| Settlement date: | April 25
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 44 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | €208 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 114 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €40 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.35%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €37 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 185 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 275 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €26.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 396 bps
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 616 bps
|
| Ratings: | Moody’s: Ba3
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €9.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 854 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €4 million
|
| Securities: | Class Z subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | €37.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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