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Published on 3/21/2022 in the Prospect News CLO Daily.

New Issue: PineBridge Investments sells $404 million Galaxy 30 CLO

Chicago, March 21 – PineBridge Investments LLC sold $404 million in a collateralized loan obligation being issued by Galaxy 30 CLO Ltd./Galaxy 30 CLO LLC, according to a pre-sale report.

The notes will mature on April 15, 2035.

The CLO consists of $252 million of class A senior secured floating-rate notes at SOFR plus 136 basis points, $47 million of class B-1 senior secured floating-rate notes at SOFR plus 185 bps, $5 million of class B-2 3.43% senior secured fixed-rate notes, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 220 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 335 bps, $16 million of class E senior secured deferrable floating-rate notes at SOFR plus 695 bps and $36 million of subordinated notes.

PineBridge Investments LLC will manage the collateral through the end of the reinvestment period on April 15, 2027.

Collateral comes from broadly syndicated speculative-grade senior secured term loans.

The notes can be called starting April 15, 2024.

Barclays was the placement agent.

The asset management firm is based in New York City.

Issuer:Galaxy 30 CLO Ltd./Galaxy 30 CLO LLC
Amount:$404 million
Issue:Floating-rate notes, fixed-rate notes and subordinated notes
Maturity:April 15, 2035
Structure:Cash flow CLO
Placement agent:Barclays
Manager:PineBridge Investments LLC
Call feature:April 15, 2024
Settlement date:March 29
Class A notes
Amount:$252 million
Securities:Senior secured floating-rate notes
Coupon:SOFR plus 136 bps
Rating:S&P: AAA
Class B-1 notes
Amount:$47 million
Securities:Senior secured floating-rate notes
Coupon:SOFR plus 185 bps
Rating:S&P: AA
Class B-2 notes
Amount:$5 million
Securities:Senior secured fixed-rate notes
Coupon:3.43%
Rating:S&P: AA
Class C notes
Amount:$24 million
Securities:Senior secured deferrable floating-rate notes
Coupon:SOFR plus 220 bps
Rating:S&P: A
Class D notes
Amount:$24 million
Securities:Senior secured deferrable floating-rate notes
Coupon:SOFR plus 335 bps
Rating:S&P: BBB-
Class E notes
Amount:$16 million
Securities:Senior secured deferrable floating-rate notes
Coupon:SOFR plus 695 bps
Rating:S&P: BB-
Subordinated notes
Amount:$36 million
Securities:Subordinated notes

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