By Cristal Cody
Tupelo, Miss., Nov. 5 – GLG Partners LP closed Monday on a new €411.5 million European collateralized loan obligation offering of notes due Dec. 15, 2031, according to market sources.
Man GLG Euro CLO V DAC sold €234 million of class A-1 senior secured notes, €14 million of class A-2 senior secured notes, €8 million of class B-1 senior secured notes, €20 million of class B-2 senior secured notes and €10 million of class B-3 senior secured notes.
The deal also included €4.25 million of class C-1 deferrable mezzanine notes; €8 million of class C-2 deferrable mezzanine notes; €15.75 million of class C-3 deferrable mezzanine notes; €18 million of class D-1 deferrable mezzanine notes; €2 million of class D-2 deferrable mezzanine notes; €26 million of class E deferrable junior notes; €12 million of class F deferrable junior notes and €39.5 million of subordinated notes.
Credit Suisse Securities (Europe) Ltd. arranged the transaction.
Final pricing details were not immediately available.
The CLO is collateralized primarily by secured senior loans and senior secured bonds.
GLG Partners is an alternative asset manager based in London.
| Issuer: | Man GLG Euro CLO V Ltd.
|
| Amount: | €411.5 million
|
| Maturity: | Dec. 15, 2031
|
| Securities: | Senior secured, deferrable mezzanine, deferrable junior and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (Europe) Ltd.
|
| Manager: | GLG Partners LP
|
| Pricing date: | Sept. 25
|
| Settlement date: | Nov. 5
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | €234 million
|
| Securities: | Senior secured notes
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €14 million
|
| Securities: | Senior secured notes
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €8 million
|
| Securities: | Senior secured notes
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €20 million
|
| Securities: | Senior secured notes
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-3 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured notes
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C-1 notes
|
| Amount: | €4.25 million
|
| Securities: | Deferrable mezzanine notes
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C-2 notes
|
| Amount: | €8 million
|
| Securities: | Deferrable mezzanine notes
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C-3 notes
|
| Amount: | €15.75 million
|
| Securities: | Deferrable mezzanine notes
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D-1 notes
|
| Amount: | €18 million
|
| Securities: | Deferrable mezzanine notes
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class D-2 notes
|
| Amount: | €2 million
|
| Securities: | Deferrable mezzanine notes
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €26 million
|
| Securities: | Deferrable junior notes
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €12 million
|
| Securities: | Deferrable junior notes
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €39.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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