Chicago, July 8 – PineBridge Investments Europe Ltd. refinanced the Euro-Galaxy III CLO BV that now stands at €384.9 million of notes, according to a document.
The CLO now matures in April 2034.
The CLO priced €228.5 million of class A senior secured floating-rate notes at Euribor plus 62 basis points, €10 million of class B-1 1.6% senior secured fixed-rate notes, €27.25 million of class B-2 senior secured floating-rate notes at Euribor plus 140 bps and €23 million of class C senior secured deferrable floating-rate notes at Euribor plus 235 bps.
Lower, there are €22 million of class D senior secured deferrable floating-rate notes at Euribor plus 325 bps, €22 million of class E senior secured deferrable floating-rate notes at Euribor plus 552 bps and €10 million of class F senior secured deferrable floating-rate notes at Euribor plus 798 bps.
There are also €42.15 million of subordinated notes.
Credit Suisse Securities (Europe) Ltd. was the arranger and initial purchaser.
The notes can be called after March 24, 2022.
The reinvestment period ends April 24, 2023.
PineBridge Investments Europe is the collateral manager. It is an affiliate of New York City-based asset management firm PineBridge Investments LLC.
| Issuer: | Euro-Galaxy III CLO BV
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €384.9 million
|
| Maturity: | April 24, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (Europe) Ltd.
|
| Manager: | PineBridge Investments Europe Ltd.
|
| Call feature: | March 24, 2022
|
| Settlement date: | March 24
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A notes
|
| Amount: | €228.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 62 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
| Price talk: | Euribor plus 62 bps
|
|
|
| Class B-1 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.6%
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
| Price talk: | Euribor plus 165 bps
|
|
|
| Class B-2 notes
|
| Amount: | €27.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
| Price talk: | Euribor plus 140 bps
|
|
|
| Class C notes
|
| Amount: | €23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 235 bps
|
| Ratings: | S&P: AA
|
| Fitch: A
|
| Price talk: | Euribor plus 235 bps
|
|
|
| Class D notes
|
| Amount: | €22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 325 bps
|
| Ratings: | S&P: BBB-
|
| Fitch: BBB-
|
| Price talk: | Euribor plus 325 bps
|
|
|
| Class E notes
|
| Amount: | €22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 552 bps
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
| Price talk: | Euribor plus 590 bps
|
|
|
| Class F notes
|
| Amount: | €10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 798 bps
|
| Ratings: | S&P: B-
|
| Fitch: B-
|
| Price talk: | Euribor plus 825 bps
|
|
|
| Subordinated notes
|
| Amount: | €42.15 million
|
| Securities: | Subordinated notes
|
|
|
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