By Cristal Cody
Tupelo, Miss., Aug. 20 – Golub Capital affiliate GC Investment Management LLC priced $435.16 million of notes due July 2030 in the new Golub Capital Partners CLO 37(B), Ltd./Golub Capital Partners CLO 37(B), LLC broadly syndicated transaction, according to market sources.
The CLO sold $248 million of class A-1 senior secured floating-rate notes at Libor plus 118 basis points; $24.5 million of class A-2 senior secured floating-rate notes at Libor plus 155 bps; $15 million of class B-1 senior secured floating-rate notes at Libor plus 180 bps; $17 million of 4.83% class B-2 senior secured fixed-rate notes; $33.5 million of class C secured deferrable floating-rate notes at Libor plus 235 bps; $27.5 million of class D secured deferrable floating-rate notes at Libor plus 330 bps; $15.5 million of class E secured deferrable floating-rate notes at Libor plus 575 bps and $54.16 million of subordinated notes.
The AAA-rated tranches priced with a combined weighted average discount margin of Libor plus 121 bps.
Wells Fargo Securities LLC was the placement agent.
OPAL BSL LLC will manage the CLO, which has a two-year non-call period and a five-year reinvestment period.
The CLO is backed mainly by broadly syndicated first-lien senior secured term loans.
In addition to the new broadly syndicated CLO, Golub Capital has priced two new middle-market CLOs and refinanced three vintage CLOs year to date.
In 2017, the New York-based middle market lender priced two CLO transactions.
| Issuer: | Golub Capital Partners CLO 37(B), Ltd./Golub Capital Partners CLO 37(B), LLC
|
| Amount: | $435.16 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Maturity: | July 2030
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | OPAL BSL LLC
|
| Call feature: | Two years
|
| Pricing date: | Aug. 15
|
| Settlement date: | Aug. 21
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1 notes
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| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $24.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: Non-rated
|
|
|
| Class B-1 notes
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| Amount: | $15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
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| Amount: | $17 million
|
| Securities: | Senior secured fixed-rate notes
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| Coupon: | 4.83%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $33.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $27.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $15.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $54.16 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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