Golub sells firm’s fourth middle-market CLO; Cairn prices; euro supply remains strong

By Cristal Cody

Tupelo, Miss., Dec. 13 – Golub Capital affiliate GC Investment Management LLC brought a new $404.14 million middle-market CLO offering to the primary market in December.

The CLO manager has been in the primary market year to date with four new middle-market deals and one vintage middle-market CLO refinancing. Golub also has priced four broadly syndicated CLO transactions and one broadly syndicated CLO reprint.

More than $12 billion of middle-market CLOs have priced year to date, just under the $14 billion priced in 2018, according to market sources.

In euro-denominated pricing action, Cairn Loan Investments LLP sold €418.73 million of notes in the manager’s first new broadly syndicated CLO offering of the year.

Cairn also has refinanced two vintage euro-denominated CLOs in 2019.

Europe primary volume totals €29 billion so far this year across 70 CLO transactions, up from €27.3 billion from 66 transactions over the same period last year, according to a S&P Global Ratings report on Friday.

In its deal, GC Investment Management priced $404.14 million of notes due Jan. 20, 2032 in the Golub Capital Partners CLO 46(M) LP middle-market transaction, according to informed sources.

The CLO sold $156 million of the class A-1-A senior secured floating-rate notes at Libor plus 180 basis points at the top of the capital stack.

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