By Cristal Cody
Tupelo, Miss., July 21 – Golub Capital refinanced $257.25 million of global secured notes due Oct. 20, 2021 in the Golub Capital Partners CLO 10, Ltd./Golub Capital Partners CLO 10, LLC transaction, according to a market source.
Golub CLO 10, originally priced in 2011, refinanced $197 million of class A-R senior secured floating-rate notes (Aaa/AAA/) at Libor plus 120 basis points; $12.5 million of class B-R senior secured floating-rate notes (/AA/) at Libor plus 175 bps; $31.75 million of class C-R deferrable floating-rate notes (/A/) at Libor plus 295 bps and $16 million of class D-R deferrable floating-rate notes (/BBB/) at Libor plus 385 bps.
The refinancing did not include the $15 million of class E deferrable floating-rate notes (/BB/) and $9 million of class F deferrable floating-rate notes (/B/) that priced in the original offering in 2011 at Libor plus 520 bps.
J.P. Morgan Securities LLC was the refinancing agent.
GC Investment Management LLC and GC Advisors LLC are the CLO managers.
The CLO is backed primarily by broadly syndicated senior secured corporate loans.
Proceeds from the refinancing were used on Monday to redeem the original tranches of class A-D notes.
Golub Capital was last in the CLO primary market on May 14 with the $401.8 million Golub Capital Partners BDC CLO 2014 LLC deal.
The New York-based middle market lender brought three CLO transactions in 2013.
| Issuer: | Golub Capital Partners CLO 10, Ltd./Golub Capital Partners CLO 10, LLC
|
| Amount: | $257.25 million refinancing
|
| Maturity: | Oct. 20, 2021
|
| Securities: | Global secured floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing arranger: | J.P. Morgan Securities LLC
|
| Manager: | GC Investment Management LLC and GC Advisors LLC
|
| Settlement date: | July 21
|
| Distribution: | Regulation S and Rule 144A
|
|
|
| Class A-R notes
|
| Amount: | $197 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B-R notes
|
| Amount: | $12.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class C-R notes
|
| Amount: | $31.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class D-R notes
|
| Amount: | $16 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Rating: | Standard & Poor’s: BBB
|
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