Chicago, April 12 – Golub Capital subsidiary GC Investment Management LLC sold a $603 million middle-market CLO with Golub Capital Partners CLO 51(M) LP/Golub Capital Partners CLO 51(M) LLC listed as issuers.
The maturity date is May 5, 2034.
The issuers sold $348 million of class A floating-rate notes at Libor plus 155 basis points, $31.5 million of class B-1 floating-rate notes at Libor plus 185 bps, $28.5 million of class B-2 3.24% fixed-rate notes, $40.5 million of class C-1 floating-rate notes at Libor plus 285 bps, $7.5 million of class C-2 4.27% fixed-rate notes, $5 million of class D-1 floating-rate notes at Libor plus 360 bps, $31 million of class D-2 floating-rate notes at Libor plus 325 bps and $111 million of subordinated notes.
The initial purchaser is Morgan Stanley & Co. LLC.
GC Investment Management will manage the portfolio through May 5, 2025, the end of the reinvestment period.
Most of the collateral for the notes will be senior secured loans, cash and eligible investments.
The notes can be called after May 5, 2023.
Golub Capital is a New York-based middle market lender.
| Issuers: | Golub Capital Partners CLO 51(M) LP/Golub Capital Partners CLO 51(M) LLC
|
| Issue: | Floating-rate, fixed-rate and subordinated notes
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| Structure: | Cash flow CLO
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| Amount: | $603 million
|
| Maturity: | May 5, 2034
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| Agent: | Morgan Stanley & Co. LLC
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| Manager: | GC Investment Management LLC
|
| Call: | May 5, 2023
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| Announcement date: | April 6
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| Settlement date: | April 15
|
|
|
| Class A notes
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| Amount: | $348 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
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| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
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| Amount: | $31.5 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 185 bps
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| Rating: | S&P: AA
|
|
|
| Class B-2 notes
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| Amount: | $28.5 million
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| Securities: | Fixed-rate notes
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| Coupon: | 3.24%
|
| Rating: | S&P: AA
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|
|
| Class C-1 notes
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| Amount: | $40.5 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 285 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2 notes
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| Amount: | $7.5 million
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| Securities: | Fixed-rate notes
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| Coupon: | 4.27%
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
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| Amount: | $5 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 360 bps
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| Rating: | S&P: BBB-
|
|
|
| Class D-2 notes
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| Amount: | $31 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | S&P: BBB-
|
|
|
| Subordinated notes
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| Amount: | $111 million
|
| Securities: | Subordinated notes
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