PineBridge sells euro CLO; Golub Capital brings $804.16 million notes; BlueMountain reprices

By Cristal Cody

Tupelo, Miss., April 25 – Two CLO managers closed Thursday on new euro- and dollar-denominated deals.

PineBridge Investments Europe Ltd. priced the manager’s first CLO offering of the year in a €413.25 million offering that closed on Thursday.

Meanwhile, Golub Capital affiliate GS Investment Management LLC priced $804.16 million of notes in a middle-market CLO deal that settled on Thursday.

In other pricing action, BlueMountain Capital Management LLC sold $372 million of notes in a second refinancing of a vintage 2013 CLO.

PineBridge’s Euro-Galaxy VII

PineBridge Investments Europe priced €413.25 million of notes due April 2032 in the Euro-Galaxy VII CLO BV deal, according to a market source.

In the senior secured tranches, Euro-Galaxy VII CLO sold €2 million of class X floating-rate notes at Euribor plus 44 basis points, €208 million of class A-1 floating-rate notes at Euribor plus 114 bps, €40 million of 1.35% class A-2 fixed-rate notes and €37 million of B floating-rate notes at Euribor plus 185 bps.

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.

Golub sells CLO

GS Investment Management priced $804.16 million of notes due April 20, 2031 in the Golub Capital Partners CLO 42(M) Ltd./Golub Capital Partners CLO 42(M) LLC middle-market offering, sources said.

At the top of the capital stack, the CLO sold $427 million of class A-1 floating-rate notes at Libor plus 170 bps, $27 million of class A-2 floating-rate notes at Libor plus 200 bps and $50 million of class B floating-rate notes at Libor plus 260 bps.

Wells Fargo Securities, LLC was the placement agent.

The offering is collateralized primarily by senior secured term loans.

Golub Capital is a New York-based middle market lender.

BlueMountain reprices

BlueMountain Capital Management refinanced $372 million of notes due Jan. 20, 2029 in a second refinancing of the BlueMountain CLO 2013-1 Ltd./BlueMountain CLO 2013-1 LLC transaction, according to a notice of proposed third supplemental indenture dated on Wednesday.

The CLO priced $310 million of class A-1-R2 senior secured floating-rate notes at Libor plus 123 bps and $62 million of class A-2-R2 senior secured floating-rate notes at Libor plus 175 bps.

Citigroup Global Markets Inc. was the refinancing agent.

The CLO was originally issued May 16, 2013. The CLO was first refinanced in a $460.6 million transaction on Dec. 16, 2016.

In the first refinancing, the CLO priced $310 million of the class A-1-R floating-rate notes at Libor plus 140 bps and $62 million of class A-2-R floating-rate notes at Libor plus 190 bps.

Proceeds from the second refinancing will be used to redeem the outstanding class A-1-R and class A-2-R notes on May 8.

The management firm is based in New York City.

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