Chicago, March 17 – GLG Partners LP refinanced two classes of notes at the top of the stack from the collateralized loan obligation with Man GLG Euro CLO III DAC listed as issuer, according to multiple notices.
The notes, which are still due Oct. 15, 2030, are the €212 million of class A-R senior secured floating-rate notes at Euribor plus 68 basis points and the €10 million of class B-2-R 1.7% senior secured fixed-rate notes.
Proceeds from the refinancing were used to redeem the original notes in the portfolio at par plus interest.
GLG Partners is still managing the collateral in the portfolio through the end of the reinvestment period in October.
The class D, class E and class F notes will remain outstanding.
Collateral for the notes primarily is in the form of senior secured loans.
GLG Partners is an alternative asset manager based in London.
| Issuer: | Man GLG Euro CLO III DAC
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| Issue: | Floating-rate notes
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| Structure: | Cash flow CLO
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| Amount: | €222 million
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| Maturity: | Oct. 15, 2030
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| Manager: | GLG Partners LP
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| Settlement date: | March 15
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| Class A-R notes
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| Amount: | €212 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Euribor plus 68 bps
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| Rating: | Moody's: Aaa
|
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|
| Class B-2-R notes
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| Amount: | €10 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 1.7%
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| Rating: | Moody's: Aa1
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