European primary market active since Brexit; GC Advisors offers $410 million CLO

By Cristal Cody

Eureka Springs, Ark., July 21 – CLO market activity continues to pick up with new issuance in the European primary market and a middle-market CLO on tap for the U.S. deal space.

3i Debt Management Investments Ltd. brought its Harvest CLO XVI DAC offering via Credit Suisse Securities (Europe) Ltd., a source said. Final pricing details were not available by press time.

The deal makes the market’s fourth euro-denominated CLO to price since Brexit, according to sources and Prospect News data.

About €8 billion of CLOs have priced year to date, Prospect News data shows.

Looking ahead in the U.S. primary market, GC Advisors LLC is offering a $410 million middle-market CLO deal.

Golub CLO on tap

GC Advisors plans to price $410,086,000 of notes due Aug. 8, 2028 in the Golub Capital Investment Corp. CLO 2016(M) LLC transaction, according to a market source.

The deal includes $220 million of class A floating-rate notes (/AAA/); $32.5 million of class B floating-rate notes; $42.3 million of class C floating-rate notes; $28.6 million of class D floating-rate notes and $86,686,000 of subordinated notes.

Wells Fargo Securities LLC is the placement agent.

The transaction is backed primarily by middle-market senior secured loans.

GC Advisors is managed by New York-based middle market lender Golub Capital, which has priced one CLO year to date.

Golub Capital tapped the CLO primary market twice in 2015.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.