By Cristal Cody
Tupelo, Miss., May 14 - Golub Capital BDC, Inc. affiliate GC Advisors LLC priced a $401.8 million 12-year middle market-backed collateralized loan obligation deal, according to the company on Wednesday.
Golub Capital Partners BDC CLO 2014 LLC priced $191 million of class A-1 senior secured floating-rate notes (Aaa expected/AAA/) at par to yield Libor plus 175 basis points and $20 million of class A-2 senior secured floating-rate notes (Aaa expected/AAA/) at par to yield Libor plus 145 bps, according to a company news release. The class A-2 notes have a step-up coupon of Libor plus 145 bps for the first 18 months and then Libor plus 195 bps thereafter.
The CLO also priced $35 million of class B secured deferrable floating-rate notes (Aa2 expected/AA/) at par to yield Libor plus 250 bps, $37.5 million of class C secured deferrable floating-rate notes (A2 expected) at par to yield Libor plus 350 bps and $118.3 million of interest notes in the equity tranche.
Wells Fargo Securities LLC arranged the transaction.
GC Advisors will manage the CLO.
The portfolio is backed primarily by a revolving pool of middle market senior secured loans.
The notes are due in 2026.
The CLO has a two-year non-call period and a four-year reinvestment period.
GC Investment Management priced the $410.5 million Golub Capital Partners CLO 19 (B) Ltd./Golub Capital Partners CLO 19 (B) LLC deal on April 7 and the $453.12 million Golub Capital Partners CLO 18 (M) Ltd./Golub Capital Partners CLO 18 (M) LLC transaction on Feb. 27.
The affiliate of New York-based middle market lender Golub Capital brought three CLO deals in 2013.
| Issuer: | Golub Capital Partners BDC CLO 2014 LLC
|
| Amount: | $401.8 million
|
| Maturity: | 2026
|
| Securities: | Floating-rate and interest notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | GC Advisors LLC
|
| Call feature: | 2016
|
| Pricing date: | May 14
|
|
|
| Class A-1 notes
|
| Amount: | $191 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Price: | Par
|
| Ratings: | Moody's: Aaa Expected
|
| Standard & Poor's: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Price: | Par
|
| Ratings: | Moody's: Aaa Expected
|
| Standard & Poor's: AAA
|
|
|
| Class B notes
|
| Amount: | $35 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Price: | Par
|
| Ratings: | Moody's: Aa2 Expected
|
| Standard & Poor's: AA
|
|
|
| Class C notes
|
| Amount: | $37.5 million
|
| Securities: | Senior deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Price: | Par
|
| Rating: | Moody's: A2 Expected
|
|
|
| Equity tranche
|
| Amount: | $118.3 million
|
| Securities: | Interest notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
