By Cristal Cody
Tupelo, Miss., March 21 – PineBridge Investments Europe Ltd. priced a new €411 million collateralized loan obligation offering, according to a market source.
Euro-Galaxy VI CLO BV sold €245.5 million of class A senior secured floating-rate notes at Euribor plus 71 basis points, €30.5 million of class B-1 senior secured floating-rate notes at Euribor plus 100 bps and €12 million of 1.85% class B-2 senior secured fixed-rate notes.
The CLO also sold €22 million of class C senior secured deferrable floating-rate notes at Euribor plus 155 bps; €22.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 235 bps; €27.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 410 bps; €12 million of class F senior secured deferrable floating-rate notes at Euribor plus 590 bps and €39 million of subordinated notes.
Morgan Stanley & Co. International plc was the placement agent.
PineBridge Investments Europe will manage the CLO, which is backed primarily by senior secured loans and bonds.
The notes are due in March 2031.
The CLO is collateralized mainly by senior secured loans and senior secured bonds.
PineBridge priced one euro-denominated CLO and refinanced one vintage deal in 2017.
The CLO manager, an affiliate of New York City-based asset management firm PineBridge Investments LLC, brought one new CLO to market in 2015.
| Issuer: | Euro-Galaxy VI CLO BV
|
| Amount: | €411 million
|
| Maturity: | March 2031
|
| Securities: | Fixed-rate, floating-rate notes and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. International plc
|
| Manager: | PineBridge Investments Europe Ltd.
|
| Settlement date: | March 28
|
|
|
| Class A notes
|
| Amount: | €245.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 71 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €30.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 100 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €12 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.85%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 155 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 235 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 410 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 590 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €39 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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