By Cristal Cody
Tupelo, Miss., June 11 – PineBridge Investments LLC priced €335.05 million of notes in the Euro-Galaxy IV CLO Ltd./Euro-Galaxy IV CLO LLC transaction, according to a market source.
The CLO sold €66 million of class A-1D floating-rate notes at Euribor plus 120 basis points at par, €91 million of class A-1 floating-rate notes at Euribor plus 120 bps at parand €39.25 million of class A-2 floating-rate notes at Euribor plus 170 bps at par.
The CLO priced €7 million of 2.66% class B-1 fixed-rate notes at par and €28.7 million of class B-2 floating-rate note at Euribor plus 200 bps at par.
The CLO also sold €17.6 million of class C floating-rate notes at Euribor plus 275 bps at par; €18.1 million of class D floating-rate notes at Euribor plus 335 bps 98.95; €20.25 million of class E floating-rate notes at Euribor plus 450 bps at 95.1; €8.75 million f class F floating-rate notes at Euribor plus 625 bps 94.9 and €38.4 million of subordinated notes.
Goldman Sachs & Co. was the placement agent.
PineBridge Investments will manage the CLO.
PineBridge Investments has priced three CLOs in 2015, including the $555.5 million Galaxy XX CLO Ltd./Galaxy XX CLO LLC offering on May 19.
The New York City-based asset management firm brought two CLOs in 2014.
| Issuer: | Euro-Galaxy IV CLO Ltd./Euro-Galaxy IV CLO LLC
|
| Amount: | €335.05 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co.
|
| Manager: | PineBridge Investments LLC
|
| Pricing date: | May 21
|
|
|
| Class A-1D notes
|
| Amount: | €66 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 120 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Standard & Poor’s: AAA expected
|
|
|
| Class A-1 notes
|
| Amount: | €91 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 120 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Standard & Poor’s: AAA expected
|
|
|
| Class A-2 notes
|
| Amount: | €39.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Standard & Poor’s: AAA expected
|
|
|
| Class B-1 notes
|
| Amount: | €7 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.66%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2 expected
|
| Standard & Poor’s: AA expected
|
|
|
| Class B-2 notes
|
| Amount: | €28.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2 expected
|
| Standard & Poor’s: AA expected
|
|
|
| Class C notes
|
| Amount: | €17.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 275 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2 expected
|
| Standard & Poor’s: A expected
|
|
|
| Class D notes
|
| Amount: | €18.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 335 bps
|
| Price: | 98.95
|
| Ratings: | Moody’s: Baa2 expected
|
| Standard & Poor’s: BBB expected
|
|
|
| Class E notes
|
| Amount: | €20.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 450 bps
|
| Price: | 95.1
|
| Ratings: | Moody’s: Ba2 expected
|
| Standard & Poor’s: BB expected
|
|
|
| Class F notes
|
| Amount: | €8.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 625 bps
|
| Price: | 94.9
|
| Ratings: | Moody’s: B2 expected
|
| Standard & Poor’s: B- expected
|
|
|
| Equity
|
| Amount: | €38.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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