Golub prices $602.4 million CLO in firm’s third deal; Insight reprices Cutwater 2015-I

By Cristal Cody

Tupelo, Miss., Nov. 1 – Middle-market CLO volume got a boost on Thursday with a new $602.4 million deal from Golub Capital affiliate Golub Capital BDC, Inc.

The transaction is Golub’s third middle-market CLO offering of the year.

Middle-market supply year to date totals more than $11 billion, compared to the $14.25 billion of middle-market CLO issuance in all of 2017, according to a BofA Merrill Lynch report.

In the broadly syndicated CLO market, Insight North America LLC refinanced $437.15 million of notes from a vintage 2015 CLO.

CLO managers have refinanced more than $130 billion of CLOs this year.

In its deal, Golub Capital BDC priced $602.4 million of notes due in January 2031 in the Golub Capital BDC CLO III LLC transaction, according to a news release on Thursday.

The CLO priced $327 million of class A floating-rate notes at par to yield Libor plus 148 basis points at the top of the capital stack.

Meanwhile, Insight North America priced $437.15 million of notes in a refinancing of a vintage 2015 deal, according to a market source.

Cutwater 2015-I, Ltd./Cutwater 2015-I, LLC sold $292.5 million of class A-R senior secured floating-rate notes at Libor plus 122 bps in the senior tranche.

RBC Capital Markets, LLC was the refinancing placement agent.

© 2015 Prospect News.
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