By Cristal Cody
Tupelo, Miss., Sept. 17 – PineBridge Investments Europe Ltd. priced €342.7 million of notes due Jan. 17, 2031 in a second refinancing of a vintage 2013 collateralized loan obligation offering, according to a market source.
Euro-Galaxy III CLO BV sold €67 million of class A-R-R variable funding notes at Euribor plus 75 basis points; €153 million of class A-R2 floating-rate notes at Euribor plus 75 bps; €38.5 million of class B-1-RR floating-rate notes at Euribor plus 150 bps; €9.5 million of class B-2-RR floating-rate notes at Euribor plus 200 bps; €23.3 million of class C-RR floating-rate notes at Euribor plus 225 bps; €20 million of class D-RR floating-rate notes at Euribor plus 355 bps; €23 million of class E-RR floating-rate notes at Euribor plus 665 bps and €8.4 million of class F-RR floating-rate notes at Euribor plus 925 bps.
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.
In the first refinancing issued Jan. 17, 2017, the CLO priced €67 million of class A-R-R variable funding notes at Euribor plus 102 bps; €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 bps.
Proceeds will be used to redeem the outstanding notes.
The CLO manager is an affiliate of New York City-based asset management firm PineBridge Investments LLC.
| Issuer: | Euro-Galaxy III CLO BV
|
| Amount: | €343.2 million refinancing
|
| Maturity: | Jan. 17, 2031
|
| Securities: | 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: | Aug. 22
|
| Settlement date: | Sept. 24
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-R-R notes
|
| Amount: | €67 million
|
| Securities: | Variable funding notes
|
| Coupon: | Euribor plus 75 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-R2 notes
|
| Amount: | €153 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 75 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1-RR notes
|
| Amount: | €38.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2-RR notes
|
| Amount: | €9.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C-RR notes
|
| Amount: | €23.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 225 bps
|
| Ratings: | S&P: A
|
| Fitch: A
|
|
|
| Class D-RR notes
|
| Amount: | €20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 355 bps
|
| Ratings: | S&P: BBB
|
| Fitch: BBB
|
|
|
| Class E-RR notes
|
| Amount: | €23 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 665 bps
|
| Ratings: | S&P: BB
|
| Fitch: BB
|
|
|
| Class F-RR notes
|
| Amount: | €8.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 925 bps
|
| Ratings: | S&P: B-
|
| Fitch: B-
|
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