Granite Point Mortgage prices $826 million CRE CLO; PGIM offers €415.1 million CLO

By Cristal Cody

Tupelo, Miss., May 10 – In new primary action, Granite Point Mortgage Trust Inc. closed on an $826 million CRE CLO deal.

The CLO priced with a weighted average interest rate of Libor plus 127 basis points.

“The closing of our inaugural $826 million CLO transaction is a major milestone for our company and a significant additional step in executing our strategy of diversifying our financing sources and reducing our cost of funds,” Jack Taylor, chief executive officer of Granite Point Mortgage Trust, said in a news release.

Meanwhile, PGIM, Inc. plans to price €415.1 million of notes in a new euro-denominated CLO deal.

In its deal, Granite Point Mortgage Trust closed on $826 million of notes in the GPMT 2018-FL1, Ltd. CRE CLO transaction, according to a market source and news release.

The deal included $442.2 million of class A floating-rate notes; $52.7 million of class A-S floating-rate notes; $49.6 million of class B floating-rate notes; $47.5 million of class C deferrable floating-rate notes; $68.2 million of class D deferrable floating-rate notes; $35.1 million of class E deferrable floating-rate notes; $37.2 million of class F deferrable floating-rate notes and $94 million of preferred shares. Additional pricing terms were not immediately available.

Wells Fargo Securities, LLC was the structuring lead. Wells Fargo, Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC were bookrunners.

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