By Cristal Cody
Tupelo, Miss., Oct. 20 – GC Investment Management LLC priced a $407.55 million collateralized loan obligation offering of notes due Nov. 5, 2027, according to a market source.
Golub Capital Partners CLO 26(B) Ltd./Golub Capital Partners CLO 26(B) LLC sold $256 million of class A floating-rate notes at Libor plus 165 basis points; $42.5 million of class B floating-rate notes at Libor plus 240 bps; $20.6 million of class C floating-rate notes at Libor plus 340 bps; $26.9 million of class D floating-rate notes at Libor plus 380 bps; $22.2 million of class E floating-rate notes at Libor plus 540 bps and $39.35 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
GC Investment Management will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The transaction is backed primarily by first-lien senior secured corporate loans.
Proceeds from the deal will be used to purchase a portfolio of about $400 million of mainly senior secured leveraged loans.
GC Investment Management has priced two CLO deals year to date.
The affiliate of New York-based middle market lender Golub Capital priced four CLOs and refinanced one CLO transaction in 2014.
| Issuer: | Golub Capital Partners CLO 26(B) Ltd./Golub Capital Partners CLO 26(B) LLC
|
| Amount: | $407.55 million
|
| Maturity: | Nov. 5, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | GC Investment Management LLC
|
| Call feature: | 2017
|
| Pricing date: | Oct. 16
|
| Settlement date: | Nov. 5
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $42.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
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| Amount: | $20.6 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 340 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
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| Amount: | $26.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
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| Amount: | $22.2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 540 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $39.35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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