PineBridge Investments prices $521.5 million CLO; high portfolio ramp-ups eyed

By Cristal Cody

Tupelo, Miss., May 29 – CLO market action stayed fairly light on Tuesday following the Memorial Day holiday weekend.

PineBridge Investments LLC closed on a new $521.5 million CLO offering ahead of the holiday.

Elsewhere, Fitch Ratings said in a news release on Tuesday that ramp-up of CLO portfolios has been on the rise.

“Portfolio ramp by close has averaged over 83% for new CLOs in each month of 2018, which will likely result in the second quarter of 2018 being the highest average for expected ramp-up by closing since Fitch started collecting such data in 2012,” Fitch said.

Portfolio ramp-up rates also are on the rise for refinanced CLOs, according to Fitch.

In its deal, PineBridge Investments priced $521.5 million of notes due 2026 in the new offering, according to a market source.

Galaxy XXIX CLO Ltd./Galaxy XXIX CLO LLC sold $320 million of class A senior floating-rate notes at a discount margin of Libor plus 79 basis points in the senior tranche.

Citigroup Global Markets Inc. was the placement agent.

The portfolio was 99% ramped as of closing, according to Moody’s Investors Service.

The deal is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.

PineBridge Investments is an asset management firm based in New York City.

© 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.