By Cristal Cody
Tupelo, Miss., March 18 – GC Investment Management LLC issued a $605 million middle-market collateralized loan obligation on Tuesday, according to market sources.
Golub Capital Partners CLO 47(M) Ltd./Golub Capital Partners CLO 47(M) LLC sold $269 million of class A-1 floating-rate notes at Libor plus 168 basis points, $40 million of class A-1 loans at Libor plus 168 bps, $8.5 million of class A-2A floating-rate notes at Libor plus 190 bps and $23 million of 3.008% class A-2B fixed-rate notes.
The CLO also priced $19.5 million of class B-1 floating-rate notes at Libor plus 235 bps and $12 million of 3.463% class B-2 fixed-rate notes.
Further down the stack, the CLO sold $74 million of class C-1 deferrable floating-rate notes at Libor plus 325 bps, $10 million of 4.381% class C-2 deferrable fixed-rate notes, $33 million of class D deferrable floating-rate notes at Libor plus 330 bps and $116 million of subordinated notes.
SMBC Nikko Securities America Inc. was the placement agent.
GC Investment Management will manage the CLO.
The notes are due May 5, 2032.
The Rule 144A and Regulation S transaction is backed primarily by middle-market senior secured corporate loans.
GC Investment Management is an affiliate of New York-based middle market lender Golub Capital.
| Issuer: | Golub Capital Partners CLO 47(M) Ltd./Golub Capital Partners CLO 47(M) LLC
|
| Amount: | $605 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Maturity: | May 5, 2032
|
| Structure: | Middle-market CLO
|
| Placement agent: | SMBC Nikko Securities America Inc.
|
| Manager: | GC Investment Management LLC
|
| Settlement date: | March 17
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $269 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 168 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1 loans
|
| Amount: | $40 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 168 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $8.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2B notes
|
| Amount: | $23 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.008%
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $19.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $12 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.463%
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $74 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2 notes
|
| Amount: | $10 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 4.381%
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $33 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Rating: | S&P: BBB
|
|
|
| Equity
|
| Amount: | $116 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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