By Rebecca Melvin
New York, Oct. 10 – Golub Capital affiliate GC Investment Management LLC priced $409.60 million of notes due Oct. 20, 2028 in the new Golub Capital Partners CLO 39(B), Ltd./Golub Capital Partners CLO 39(B), LLC broadly syndicated transaction, according to a market source.
The CLO sold $250 million of class A-1 senior secured floating-rate notes at Libor plus 115 basis points; $14 million of class A-2 senior secured floating-rate notes at Libor plus 140 bps; $38 million of class B senior secured floating-rate notes at Libor plus 160 bps; $25 million of class C secured deferrable floating-rate notes at Libor plus 220 bps; $114.61 million of class D secured deferrable floating-rate notes at Libor plus 325 bps; $12.6 million of class E secured deferrable floating-rate notes at Libor plus 580 bps and $48.00 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
OPAL BSL LLC, a subsidiary of Golub Capital LLC, will manage the CLO, which has a one-year non-call period and a two-year reinvestment period.
In addition to the new broadly syndicated CLO, OPAL BSL manages 12 CLOs across $7.78 billion in total CLO assets under management.
| Issuer: | Golub Capital Partners CLO 39(B), Ltd./Golub Capital Partners CLO 39(B), LLC
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| Amount: | $409.60 million
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| Securities: | Floating-rate and subordinated notes
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| Maturity: | Oct. 20, 2028
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| Structure: | Cash flow CLO
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| Placement agent: | Morgan Stanley & Co. LLC
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| Manager: | OPAL BSL LLC
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| Callable: | After Oct. 20, 2019
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| Reinvestment period: | Through Oct. 20, 2020
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| Pricing date: | Oct. 9
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| Closing date: | Oct. 17
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| Distribution: | Rule 144A, Regulation S
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| Class A-1 notes
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| Amount: | $250 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 115 bps
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| Rating: | S&P: AAA
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|
| Class A-2 notes
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| Amount: | $14 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 140 bps
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| Ratings: | S&P: Non-rated
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| Class B notes
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| Amount: | $38 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 160 bps
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| Rating: | S&P: AA
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|
| Class C notes
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| Amount: | 25 million
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| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 220 bps
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| Rating: | S&P: A
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| Class D notes
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| Amount: | $22 million
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| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 325 bps
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| Rating: | S&P: BBB-
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| Class E notes
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| Amount: | $12.6 million
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| Securities: | Secured deferrable floating-rate notes
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| Coupon: | Libor plus 580 bps
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| Rating: | S&P: BB-
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| Equity
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| Amount: | $48 million
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| Securities: | Subordinated notes
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| Ratings: | Non-rated
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