By Cristal Cody
Tupelo, Miss., Feb. 4 – GLG Partners LP priced €352.78 million of notes due Oct. 15, 2032 in a European broadly syndicated collateralized loan obligation offering, according to market sources on Tuesday.
Man GLG Euro CLO VI DAC sold €217 million of class A senior secured floating-rate notes at Euribor plus 90 basis points, €33,235,000 of class B-1 senior secured floating-rate notes at Euribor plus 180 bps and €5,625,000 of 2.05% class B-2 senior secured fixed-rate notes.
The CLO also sold €20,125,000 of class C deferrable mezzanine floating-rate notes at Euribor plus 240 bps, €23,625,000 million of class D deferrable mezzanine floating-rate notes at Euribor plus 365 bps, €17.71 million of class E deferrable junior floating-rate notes at Euribor plus 539 bps and €8.54 million of class F deferrable junior floating-rate notes at Euribor plus 863 bps.
The deal included €9.32 million of class S-1 subordinated notes and €17.96 million of class S-2 subordinated notes.
Barclays arranged the transaction.
The CLO is collateralized primarily by secured senior loans and senior secured bonds.
GLG Partners was last in the primary market on Nov. 25, 2018 when it issued the Man GLG Euro CLO V Ltd. transaction.
The alternative asset manager is based in London.
| Issuer: | Man GLG Euro CLO VI Ltd.
|
| Amount: | €352.78 million
|
| Maturity: | Oct. 15, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | GLG Partners LP
|
| Pricing date: | Feb. 3
|
| Settlement date: | March 27
|
|
|
| Class A notes
|
| Amount: | €217 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 90 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | €33,235,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | €5,265,000
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.05%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | €20,125,000
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 240 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | €23,625,000
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 365 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | €17.71 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 539 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | €8.54 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 863 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | €9.32 million
|
| Securities: | Class S-1 subordinated notes
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | €17.96 million
|
| Securities: | Class S-2 subordinated notes
|
| Ratings: | Non-rated
|
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