By Wendy Van Sickle
Columbus, Ohio, Aug. 23 – GLG Partners LP priced €224.7 million of notes in a refinancing of two classes of notes under a 2016 European collateralized loan obligation, according to a market source.
Man GLG Euro CLO II DAC sold €207 million of class A-1-R senior secured floating-rate exchangeable non-voting notes at Euribor plus 87 basis points.
The CLO priced €17.7 million of class C-R deferrable mezzanine floating-rate non-voting notes at Euribor plus 245 bps.
The notes mature Jan. 15, 2030.
On Dec. 14, 2016, the issuer, formerly known as GLG Euro CLO II DAC, also issued the following notes, which were not refinanced and remain outstanding: €10 million of 1.15% class A-2 senior secured fixed-rate notes; €43.9 million of class B senior secured floating-rate notes at Euribor plus 170 bps; €17.3 million of class D deferrable mezzanine floating-rate notes at Euribor plus 380 bps; €19.2 million of class E deferrable junior floating-rate notes at Euribor plus 655 bps; €7.7 million of class F deferrable junior floating-rate notes at Euribor plus 875 bps and €41.2 million of subordinated notes.
GLG Partners is an alternative asset manager based in London.
| Issuer: | Man GLG Euro CLO II DAC
|
| Amount: | €224.7 million
|
| Maturity: | Jan. 15, 2030
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| Securities: | Floating-rate refinancing notes
|
| Manager: | GLG Partners LP
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| Settlement date: | Aug. 23
|
|
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| Class A-1-R notes
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| Amount: | €207 million
|
| Securities: | Senior secured floating-rate exchangeable non-voting notes
|
| Coupon: | Euribor plus 87 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class C-R notes
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| Amount: | €17.7 million
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| Securities: | Deferrable mezzanine floating-rate non-voting notes
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| Coupon: | Euribor plus 245 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
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