Golub offers $900.76 million CLO, firm’s fourth middle-market deal; Ares plans CLO reset

By Cristal Cody

Tupelo, Miss., Nov. 19 – Golub Capital LLC affiliate GC Advisors LLC plans to price $900.76 million of notes in a new middle-market CLO deal, joining several other managers in the space before the year closes.

Golub also closed Friday on its $602.4 million Golub Capital BDC CLO III LLC middle-market deal that priced on Nov. 1. In that offering, the CLO placed the AAA-rated tranche at Libor plus 148 basis points.

More than $12 billion of middle-market CLOs have priced in 2018, while about 15 vintage middle-market CLOs have been refinanced so far this year, according to informed sources.

In other activity, Ares CLO Management LLC plans to price a $721.8 million refinancing and reset of a 2016 broadly syndicated CLO deal.

Nearly $140 billion of vintage CLOs have been refinanced year to date, according to market sources.

In its deal, GC Advisors plans to price $900,755,000 of notes due Jan. 20, 2031 in the new GCIC CLO II LLC middle-market transaction, according to an informed source.

The deal includes $490 million of class A-1 floating-rate notes (/AAA/AAA); $38.5 million of class A-2 floating-rate notes (/AAA/); $45 million of class B floating-rate notes (/AA/); $95 million of class C deferrable floating-rate notes (/A/); $60 million of class D deferrable floating-rate notes (/BBB-/) and $172,255,000 of subordinated notes.

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