By Cristal Cody
Eureka Springs, Ark., April 27 – GC Investment Management LLC sold $354,288,000 of notes due May 5, 2028 in a new middle-market collateralized loan obligation deal, according to a market source.
Golub Capital Partners CLO 31(M) Ltd./Golub Capital Partners CLO 31(M) LLC priced $192.5 million of class A floating-rate notes (AAA) at a discount margin of Libor plus 220 basis points; $28,875,000 of class B floating-rate notes at a discount margin of Libor plus 325 bps; $34.5 million of class C floating-rate notes at a discount margin of Libor plus 460 bps and $98,413,000 of subordinated notes in the equity tranche.
Wells Fargo Securities LLC was the placement agent.
GC Investment Management will manage the CLO.
The CLO has a non-call period that ends May 5, 2018. The reinvestment period ends May 5, 2020.
The deal is backed primarily by middle-market senior secured loans.
GC Investment Management, an affiliate of New York-based middle market lender Golub Capital, priced two CLOs in 2015.
| Issuer: | Golub Capital Partners CLO 31(M) Ltd./Golub Capital Partners CLO 31(M) LLC
|
| Amount: | $354.29 million
|
| Maturity: | May 5, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Middle-market cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | GC Investment Management LLC
|
| Call feature: | May 5, 2018
|
| Pricing date: | April 22
|
| Settlement date: | April 29
|
|
|
| Class A notes
|
| Amount: | $192.5 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 220 bps
|
| Ratings: | Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $28,875,000
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 325 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $34.5 million
|
| Securities: | Floating-rate notes
|
| Discount margin: | Libor plus 460 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $98,413,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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