By Cristal Cody
Tupelo, Miss., Aug. 12 – Golub Capital subsidiary GC Advisors LLC priced $264.36 million of notes due Nov. 5, 2032 in the Golub Capital BDC CLO 4 LLC transaction, according to market sources.
The CLO priced $20 million of class A-1L loans at Libor plus 235 basis points, $137.5 million of class A-1 floating-rate notes at Libor plus 235 bps, $10.5 million of class A-2 floating-rate notes at Libor plus 275 bps, $21 million of class B floating-rate notes at Libor plus 320 bps and $75.36 million of subordinated notes.
The deal also includes a tranche with a zero balance that may issue up to $33 million of class C deferrable floating-rate notes at up to Libor plus 365 bps during the CLO’s reinvestment period.
Wells Fargo Securities LLC was the placement agent.
GC Advisors is the CLO manager.
The CLO has a one-year non-call period. The reinvestment period ends Nov. 5, 2022.
The offering is collateralized primary by middle-market senior secured loans.
Golub Capital last issued a CLO in the series on Nov. 16, 2018 when it priced the Golub Capital BDC CLO III LLC offering.
The New York-based company has priced three new middle-market CLOs and one new broadly syndicated CLO year to date.
| Issuer: | Golub Capital BDC CLO 4 LLC
|
| Amount: | $264.36 million
|
| Securities: | Loans and floating-rate and subordinated notes
|
| Maturity: | Nov. 5, 2032
|
| Structure: | Middle-market CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | GC Advisors LLC
|
| Call feature: | One year
|
| Pricing date: | Aug. 7
|
| Settlement date: | Aug. 26
|
|
|
| Class A-1 loans
|
| Amount: | $20 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 235 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $137.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $10.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Ratings: | S&P: AA
|
|
|
| Equity
|
| Amount: | $75.36 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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