By Cristal Cody
Tupelo, Miss., Oct. 14 – Golub Capital LLC affiliate OPAL BSL LLC priced $453.6 million of notes due Oct. 20, 2031 in a new broadly syndicated collateralized loan obligation, according to market sources.
Golub Capital Partners CLO 50(B) Ltd./Golub Capital Partners CLO 50(B) LLC sold $270 million of class A floating-rate notes at Libor plus 155 basis points and $72 million of class B floating-rate notes at Libor plus 220 bps.
The CLO priced $22.5 million of class C deferrable floating-rate notes at Libor plus 290 bps, $13.5 million of class D-1 deferrable floating-rate notes at Libor plus 330 bps, $13.5 million of class D-2 deferrable floating-rate notes at Libor plus 525 bps, $15.75 million of class E deferrable floating-rate notes at Libor plus 675 bps and $46.35 million of subordinated notes.
J.P. Morgan Securities, LLC was the placement agent.
OPAL BSL will manage the CLO.
The issue has a one-year non-call period and a three-year reinvestment period.
The CLO is backed primarily by broadly syndicated senior secured corporate loans.
Golub Capital is a New York-based middle market lender.
| Issuer: | Golub Capital Partners CLO 50(B) Ltd./Golub Capital Partners CLO 50(B) LLC
|
| Amount: | $453.6 million
|
| Securities: | Floating-rate and subordinated notes
|
| Maturity: | Oct. 20, 2031
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities, LLC
|
| Manager: | OPAL BSL LLC
|
| Call feature: | One year
|
| Pricing date: | Sept. 24
|
| Settlement date: | Oct. 15
|
|
|
| Class A notes
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| Amount: | $270 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 155 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $72 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $22.5 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 290 bps
|
| Ratings: | S&P: A
|
|
|
| Class D-1 notes
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| Amount: | $13.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Ratings: | S&P: BBB+
|
|
|
| Class D-2 notes
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| Amount: | $13.5 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 525 bps
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| Ratings: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $15.75 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 675 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $46.35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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