By Cristal Cody
Tupelo, Miss., May 19 – GC Investment Management LLC priced $458,325,000 of notes due May 5, 2027 in a broadly syndicated collateralized loan obligation offering, according to a market source.
Golub Capital Partners CLO 23 (B) Ltd./Golub Capital Partners CLO 23 (B) LLC sold $263 million of class A-1 floating-rate notes at Libor plus 148.5 basis points; $25 million of class A-2 floating-rate notes at Libor plus 138 bps; $23.9 million of class B-1 floating-rate notes at Libor plus 215 bps; $23.9 million of 4.094% class B-2 fixed-rate notes; $24.45 million of class C floating-rate notes at Libor plus 310 bps; $28.43 million of class D floating-rate notes at Libor plus 375 bps; $25.3 million of class E floating-rate notes at Libor plus 575 bps and $44.35 million of subordinated notes.
Wells Fargo Securities LLC arranged the transaction.
GC Investment Management will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
The transaction is backed primarily by first-lien senior secured corporate loans.
Proceeds from the deal will be used to purchase a portfolio of about $450 million of mostly senior secured leveraged loans.
GC Investment Management is an affiliate of New York-based middle market lender Golub Capital LLC.
| Issuer: | Golub Capital Partners CLO 23 (B) Ltd./Golub Capital Partners CLO 23 (B) LLC
|
| Amount: | $458,325,000
|
| Maturity: | May 5, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | GC Investment Management LLC
|
| Call feature: | 2016
|
| Settlement date: | May 28
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 notes
|
| Amount: | $263 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 148.5 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 138 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $23.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | Non-rated
|
|
|
| Class B-2 notes
|
| Amount: | $23.9 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.094%
|
| Rating: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $24.45 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $28.43 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $25.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | Non-rated
|
|
|
| Equity
|
| Amount: | $44,345,000
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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