GC Investment resets $796.2 million middle-market CLO; THL refinances $400.25 million

By Cristal Cody

Tupelo, Miss., Nov. 10 – More than $140 billion of CLOs have been refinanced year to date, including the recent refinancing of a 2015 middle-market transaction, according to Prospect News data and market sources.

GC Investment Management LLC sold $796,205,000 of notes in a refinancing and reset of a 2015 middle-market CLO.

In broadly syndicated refinancing activity, THL Credit Senior Loan Strategies LLC priced $400.25 million of notes in a repricing of a 2015 CLO. The transaction is the firm’s sixth CLO refinancing year to date.

Golub 24(M)-R reset

GC Investment Management sold $796,205,000 of notes in a refinancing and reset of the Golub Capital Partners CLO 24(M)-R, Ltd./Golub Capital Partners CLO 24(M)-R, LLC middle-market transaction, according to a market source and a notice of executed supplemental indenture on Thursday.

The CLO priced $448.25 million of class A-R floating-rate notes at Libor plus 160 bps at the top of the stack.

Wells Fargo Securities LLC arranged the offering.

The maturity on the refinanced notes was extended to Nov. 5, 2029 from the original Feb. 5, 2027 maturity.

The refinanced CLO has a non-call period that ends May 9, 2020. The reinvestment period ends Nov. 5, 2022.

The original transaction was issued in April 2015.

GC Investment Management is a Chicago-based affiliate of middle market lender Golub Capital.

THL refinances 2015-2 CLO

THL Credit Senior Loan Strategies priced $400.25 million of notes due Oct. 15, 2027 in a refinancing of the THL Credit Wind River 2015-2 CLO Ltd./THL Credit Wind River 2015-2 LLC transaction, according to a market source and a notice of executed supplemental indenture.

The CLO sold $230.4 million of class A-1-R senior secured floating-rate notes at Libor plus 87 basis points in the senior tranche.

J.P. Morgan Securities LLC arranged the offering.

The original $455.56 million CLO was issued Oct. 15, 2015.

THL Credit Advisors has priced four new CLOs and refinanced six vintage CLOs year to date.

The Boston-based alternative credit investment firm priced two new CLOs and one refinanced CLO in 2016.

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