Chicago, Feb. 10 – PineBridge Investments Europe Ltd. did a second refinancing of the vintage Euro-Galaxy V CLO BV transaction, refinancing six series of notes for €374.7 million and extending the maturity to Feb. 15, 2034.
The refinanced portfolio includes €248 million of class A senior secured floating-rate notes at Euribor plus 95 bps, €38 million of class B senior secured floating-rate notes at Euribor plus 160 bps, €26 million of class C senior secured deferrable floating-rate notes at Euribor plus 240 bps, €26 million of class D senior secured deferrable floating-rate notes at Euribor plus 365 bps, €21.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 582 bps and €11.5 million of class F senior secured deferrable floating-rate notes at Euribor plus 773 bps
There is also a €43.6 million class of subordinated notes, consisting of €39.9 million from the original transaction and an additional €3.7 million issued in the refinancing.
PineBridge is managing the CLO during the four-year reinvestment period. The portfolio is expected to be fully ramped at closing.
PineBridge is an affiliate of New York City-based asset management firm PineBridge Investments LLC.
| Issuer: | Euro-Galaxy V CLO BV
|
| Amount: | €374.7 million
|
| Maturity: | Feb. 15, 2034
|
| Securities: | Fixed-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Manager: | PineBridge Investments Europe Ltd. priced
|
| Announcement date: | Feb. 10
|
|
|
| Class A notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 95 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
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| Amount: | €38 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | €26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 240 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
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| Amount: | €26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 365 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
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| Amount: | €21.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 582 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
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| Amount: | €11.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 773 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | €43.6 million (€39.9 million from original transaction plus €3.7 million from this transaction)
|
| Securities: | Subordinated notes
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