Chicago, Sept. 11 – Aquarian Credit Partners LLC sold $393.5 million of notes in a collateralized loan obligation being issued by Gallatin CLO X 2023-1 Ltd./Gallatin CLO X 2023-1 LLC, according to a presale report.
The notes will mature on Oct. 14, 2035.
The CLO consists of $240 million of class A-1 senior secured floating-rate notes at SOFR plus 210 basis points, $8 million of class A-J senior secured floating-rate notes at SOFR plus 255 bps, $56 million of class B senior secured floating-rate notes at SOFR plus 305 bps, $20.5 million of class C-1 senior secured deferrable floating-rate notes at SOFR plus 385 bps, $2.5 million of class C-F 7.96% senior secured deferrable fixed-rate notes, $22 million of class D senior secured deferrable floating-rate notes at SOFR plus 541 bps, $12 million of class E senior secured deferrable floating-rate notes at SOFR plus 822 bps and $32.5 million of subordinated notes.
Aquarian Credit Partners LLC will manage the collateral through the end of the reinvestment period on April 14, 2026.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 14, 2025.
Jefferies LLC was the placement agent.
New York-based Aquarian is a syndicated high-yield credit investment management platform. The company partnered with the Gallatin team and assumed management of all of Gallatin Loan Management’s existing collateralized loan obligations in October 2021.
| Issuer: | Gallatin CLO X 2023-1 Ltd./Gallatin CLO X 2023-1 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $393.5 million
|
| Maturity: | Oct. 14, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | Aquarian Credit Partners LLC
|
| Call feature: | April 14, 2025
|
| Pricing date: | Sept. 5
|
| Settlement date: | Sept. 7
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-J notes
|
| Amount: | $8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 255 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 305 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $20.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 385 bps
|
| Rating: | S&P: A
|
|
|
| Class C-F notes
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| Amount: | $2.5 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 7.96%
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 541 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 822 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $32.5 million
|
| Securities: | Subordinated notes
|
|
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