By Cristal Cody
Eureka Springs, Ark., Dec. 23 – PineBridge Investments Europe Ltd. refinanced €411.1 million collateralized loan obligation offering of notes, according to a market source.
Euro-Galaxy III CLO BV sold €67 million of class A-R-R variable funding notes at Euribor plus 102 basis points; €153 million of class A-R floating-rate notes at Euribor plus 102 bps; €38.5 million of class B-1-R floating-rate notes at Euribor plus 160 bps; €9.5 million of 1.83% class B-2-R fixed-rate notes; €23.3 million of class C-R floating-rate notes at Euribor plus 240 bps; €20 million of class D-R floating-rate notes at Euribor plus 365 bps; €23.5 million of class E-R floating-rate notes at Euribor plus 625 bps and €8.4 million of class F-R floating-rate notes at Euribor plus 792.
J.P. Morgan Securities plc was the refinancing agent.
PineBridge Investments Europe will continue to manage the CLO, which is backed primarily by senior secured loans and bonds. Credit Industriel et Commercial is the junior CLO manager.
The maturity on the refinanced notes was extended to Jan. 17, 2031 from the original Jan. 17, 2027 maturity.
PineBridge has priced one euro-denominated CLO and refinanced one vintage deal year to date.
The CLO manager, an affiliate of New York City-based asset management firm PineBridge Investments LLC, brought one new CLO to market in 2015.
| Issuer: | Euro-Galaxy III CLO BV
|
| Amount: | €343.2 million refinancing
|
| Maturity: | Jan. 17, 2031
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | J.P. Morgan Securities plc
|
| Manager: | PineBridge Investments Europe Ltd. (manager) Credit Industriel et Commercial (junior manager)
|
| Pricing date: | Dec. 14
|
| Settlement date: | Jan. 17
|
|
|
| Class A-R-R notes
|
| Amount: | €67 million
|
| Securities: | Variable funding notes
|
| Coupon: | Euribor plus 102 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-R notes
|
| Amount: | €153 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 102 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | €38.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2-R notes
|
| Amount: | €9.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.83%
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | €23.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 240 bps
|
| Ratings: | S&P: A
|
| Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | €20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 365 bps
|
| Ratings: | S&P: BBB
|
| Fitch: BBB
|
|
|
| Class E-R notes
|
| Amount: | €23.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 625 bps
|
| Ratings: | S&P: BB
|
| Fitch: BB
|
|
|
| Class F-R notes
|
| Amount: | €8.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 792 bps
|
| Ratings: | S&P: B-
|
| Fitch: B-
|
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