By Cristal Cody
Tupelo, Miss., Jan. 24 – GC Investment Management LLC closed on its $400 million previously reported second reprint of notes from a vintage 2015 middle-market collateralized loan obligation, according to a market source and a notice of executed second supplemental indenture on Friday.
Golub Capital Partners CLO 28(M)-R Ltd./Golub Capital Partners CLO 28(M)-R LLC sold $400 million of class A-RR floating-rate notes due Feb. 5, 2032 (A+) at Libor plus 212 basis points.
The reset CLO also will issue $146.9 million of subordinated notes due Jan. 23, 2120.
Wells Fargo Securities LLC was the refinancing placement agent.
GC Investment Management will continue to manage the CLO.
The refinanced CLO notes have an extended two-year non-call period and a four-year reinvestment period.
The notes originally were issued Dec. 18, 2015 and were first refinanced Dec. 12, 2017.
In the first refinancing, $400 million of class A-R notes due Nov. 5, 2027 were priced at Libor plus 133.75 bps.
The Rule 144A and Regulation S transaction is backed primarily by middle-market senior secured corporate loans.
Proceeds were used to redeem the outstanding class A-R notes and subordinated notes on Friday.
GC Investment Management is an affiliate of New York-based middle market lender Golub Capital.
| Issuer: | Golub Capital Partners CLO 28(M)-R Ltd./Golub Capital Partners CLO 28(M)-R LLC
|
| Amount: | $400 million refinancing
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Wells Fargo Securities LLC
|
| Manager: | GC Investment Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Jan. 9
|
| Settlement date: | Jan. 23
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-RR notes
|
| Amount: | $400 million
|
| Securities: | Floating-rate notes
|
| Maturity: | Feb. 5, 2032
|
| Coupon: | Libor plus 212 bps
|
| Rating: | S&P: A+
|
|
|
| Equity
|
| Amount: | $146.9 million
|
| Securities: | Subordinated notes
|
| Maturity: | Jan. 23, 2120
|
| Ratings: | Non-rated
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