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Golub prices $1 billion CLO in second new middle-market deal; Voya refinances 2015 CLO notes
By Cristal Cody
Tupelo, Miss., July 25 – Middle-market CLO volume is on the rise in July with a new $1 billion-plus deal from Golub Capital affiliate GC Investment Management LLC.
The CLO manager sold $1,005,000,000 of notes in the firm’s second new transaction of the year.
More than $8 billion of middle-market CLOs have priced year to date, according to market sources.
CLO refinancing action also continues with details out on a reprint from Voya Alternative Asset Management LLC.
Voya refinanced $506 million of notes from a vintage 2015 broadly syndicated CLO.
CLO managers have refinanced more than $71 billion of CLOs year to date, sources report.
New issue spreads ended the second quarter softer with AAAs an average of 6 basis points wider, according to Fitch Rating’s quarterly global CLO market report.
CLO AAA spreads averaged at Libor plus 106 bps in the second quarter, up from the Libor plus 100 bps average in the first quarter but down from the Libor plus 116 bps average in the last quarter of 2017, according to the report.
Golub CLO 38(M) prints
GC Investment Management priced $1,005,000,000 of notes due July 20, 2030 in the new Golub Capital Partners CLO 38(M), Ltd./Golub Capital Partners CLO 38(M), LLC middle-market transaction, according to a market source.
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