By Cristal Cody
Tupelo, Miss., June 5 – GC Investment Management LLC refinanced $754.51 million of notes from the vintage Golub Capital Partners CLO 25(M), Ltd./Golub Capital Partners CLO 25(M), LLC middle-market transaction, according to a notice of proposed supplemental indenture and notice of optional redemption by refinancing on Monday.
The CLO priced $422.6 million of class A-R senior secured floating-rate notes at Libor plus 138 basis points; $59.9 million of class B-R senior secured floating-rate notes at Libor plus 190 bps; $78.3 million of class C-R secured deferrable floating-rate notes at Libor plus 260 bps; $51.7 million of class D-R secured deferrable floating-rate notes at Libor plus 275 bps and $142.01 million of subordinated notes.
Wells Fargo Securities LLC was the refinancing placement agent.
GC Investment will manage the CLO.
The dates on the maturity, non-call period and reinvestment period are expected to be changed, according to the notice.
The original CLO transaction was issued Aug. 5, 2015.
Proceeds will be used to redeem the original notes.
The CLO manager is an affiliate of New York-based middle market lender Golub Capital.
In 2017, Golub Capital priced two new CLOs.
| Issuer: | Golub Capital Partners CLO 25(M), Ltd./Golub Capital Partners CLO 25(M), LLC
|
| Amount: | $754.51 million refinancing
|
| Securities: | Floating-rate notes
|
| Structure: | Middle-market CLO
|
| Refinancing agent: | Wells Fargo Securities LLC
|
| Manager: | GC Advisors LLC
|
| Settlement date: | June 15
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $422.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 138 bps
|
| Ratings: | S&P: AAA expected
|
| Fitch: AAA expected
|
|
|
| Class B-R notes
|
| Amount: | $59.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA expected
|
|
|
| Class C-R notes
|
| Amount: | $78.3 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: A expected
|
|
|
| Class D-R notes
|
| Amount: | $51.7 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Rating: | S&P: BBB- expected
|
|
|
| Equity
|
| Amount: | $142.01 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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