By Cristal Cody
Eureka Springs, Nov. 7 – GLG Partners LP priced €364 million of notes due Jan. 15, 2030 in the firm’s second European collateralized loan obligation offering of the year, according to a market source.
GLG Euro CLO II DAC sold €207 million of class A-1 senior secured floating-rate notes at Euribor plus 103 basis points; €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; €17.7 million of class C deferrable mezzanine floating-rate notes at Euribor plus 250 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.
Proceeds will be used to purchase a portfolio of about €350 million of mostly European leveraged loans and bonds.
The notes are secured primarily by secured senior loans and bonds.
GLG Partners is an alternative asset manager based in London.
| Issuer: | GLG Euro CLO II Ltd.
|
| Amount: | €364 million
|
| Maturity: | Jan. 15, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Manager: | GLG Partners LP
|
| Pricing date: | Nov. 4
|
| Settlement date: | Dec. 14
|
|
|
| Class A-1 notes
|
| Amount: | €207 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 103 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.15%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €43.9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €17.7 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 250 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €17.3 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Euribor plus 380 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €19.2 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 655 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class F notes
|
| Amount: | €7.7 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Euribor plus 875 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €7.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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