By Cristal Cody
Tupelo, Miss., Nov 7 – GC Investment Management LLC priced $355,823,000 of notes due 2026 in a collateralized loan obligation offering, according to a market source on Friday.
Golub Capital Partners CLO 21 (M) Ltd./Golub Capital Partners CLO 21 (M) LLC sold $182.5 million of class A senior secured floating-rate notes at Libor plus 190 basis points; $30 million of class B floating-rate notes at Libor plus 245 bps; $33.75 million of class C deferrable floating-rate notes at Libor plus 330 bps; $26.25 million of class D deferrable floating-rate notes at Libor plus 400 bps and $83,323,000 of subordinated notes.
Wells Fargo Securities LLC arranged the transaction.
GC Investment Management will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The portfolio is backed primarily by middle-market senior secured loans.
GC Investment Management, an affiliate of New York-based middle market lender Golub Capital, brought three CLO transactions in 2013.
| Issuer: | Golub Capital Partners CLO 21 (M) Ltd./Golub Capital Partners CLO 21 (M) LLC
|
| Amount: | $355,823,000
|
| Maturity: | 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | GC Investment Management LLC
|
| Call feature: | 2016
|
| Pricing date: | Nov. 7
|
| Settlement date: | Nov. 25
|
|
|
| Class A notes
|
| Amount: | $182.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $33.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $26.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Ratings: | Non-rated
|
|
|
| Equity tranche
|
| Amount: | $83,323,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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