PineBridge outlines upcoming third refinancing of Euro-Galaxy III CLO

Chicago, March 2 – PineBridge Investments Europe Ltd. outlined the terms of the upcoming third refinancing of the Euro-Galaxy III CLO BV portfolio, according to a notice.

The CLO will have an extended maturity date of April 2034.

The portfolio is expected on the following terms:

• €228.5 million outstanding of class A notes will be refinanced at a rate less than Euribor plus 62 basis points and issued for not less than par;

• €10 million outstanding of class B-1 notes will be refinanced at a rate less than Euribor plus 165 bps and issued for not less than par;

• €27.25 million outstanding of class B-2 notes will be refinanced at a rate less than Euribor plus 140 bps and issued for not less than par;

• €23 million outstanding of class C notes will be refinanced at a rate less than Euribor plus 235 bps and issued for not less than par;

• €22 million outstanding of class D notes will be refinanced at a rate less than Euribor plus 325 bps and issued for not less than par;

• €22 million outstanding of class E notes will be refinanced at a rate less than Euribor plus 590 bps and issued for not less than 97.5;

• €10 million outstanding of class F notes will be refinanced at a rate less than Euribor plus 825 bps and issued for not less than 95;

• €38.5 million of subordinated notes will remain as part of the CLO.

An additional issue of €3.65 million of subordinated notes will be part of the transaction.

The non-call period will end March 24, 2022.

The reinvestment period will extend through April 24, 2023.

The refinancing is expected to take place on March 24.

PineBridge Investments Europe is the collateral manager. It is an affiliate of New York City-based asset management firm PineBridge Investments LLC.

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