GC Investment Management preps $404.75 million middle market CLO

By Cristal Cody

Tupelo, Miss., Jan. 23 – GC Investment Management LLC plans to price $404.75 million of notes due 2027 in a middle market collateralized loan obligation offering, according to an informed source.

The Golub Capital Partners CLO 22 (B) Ltd./Golub Capital Partners CLO 22 (B) LLC offering includes $256 million of class A-1 floating-rate notes (//AAA); $43.9 million of class A-2 floating-rate notes; $20.1 million of class B floating-rate notes; $26 million of class C floating-rate notes; $22 million of class D floating-rate notes and $36.75 of subordinated notes.

J.P. Morgan Securities LLC is the deal arranger.

GC Investment Management LLC is the CLO manager.

The CLO has a four-year non-call period and a four-year reinvestment period.

The portfolio is backed mainly by middle market first-lien senior secured loans.

Proceeds from the deal will be used to purchase a portfolio of about $400 million of primarily senior secured leveraged loans.

GC Investment Management, an affiliate of New York-based middle market lender Golub Capital, priced four CLO transactions in 2014.

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