Golub Capital offers $900.76 million notes in new GCIC CLO II middle-market deal

By Cristal Cody

Tupelo, Miss., Nov. 19 – GC Advisors LLC plans to price $900,755,000 of notes due Jan. 20, 2031 in the new GCIC CLO II LLC middle-market transaction, according to an informed source.

The deal includes $490 million of class A-1 floating-rate notes (AAA/AAA); $38.5 million of class A-2 floating-rate notes (AAA/); $45 million of class B floating-rate notes (AA/); $95 million of class C deferrable floating-rate notes (A/); $60 million of class D deferrable floating-rate notes (BBB-/) and $172,255,000 of subordinated notes.

Wells Fargo Securities LLC is the placement agent.

GC Advisors will manage the CLO.

The CLO has a two-year non-call period and a four-year reinvestment period.

The deal, backed by middle market senior secured loans, is expected to close on Dec. 20.

Golub Capital has priced one broadly syndicated CLO and three new middle-market CLOs year to date. The firm most recently priced the $602.4 million Golub Capital BDC CLO III LLC deal on Nov. 1, which closed on Friday. In that offering, the CLO placed the AAA-rated tranche at Libor plus 148 basis points.

The CLO manager is an affiliate of middle market lender Golub Capital LLC.

In 2017, the New York-based company priced two new middle-market CLOs.

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