Golub sells firm’s fourth middle-market CLO; Cairn prices; euro supply remains strong

By Cristal Cody

Tupelo, Miss., Dec. 13 – Golub Capital affiliate GC Investment Management LLC brought a new $404.14 million middle-market CLO offering to the primary market in December.

The CLO manager has been in the primary market year to date with four new middle-market deals and one vintage middle-market CLO refinancing. Golub also has priced four broadly syndicated CLO transactions and one broadly syndicated CLO reprint.

More than $12 billion of middle-market CLOs have priced year to date, just under the $14 billion priced in 2018, according to market sources.

In euro-denominated pricing action, Cairn Loan Investments LLP sold €418.73 million of notes in the manager’s first new broadly syndicated CLO offering of the year.

Cairn also has refinanced two vintage euro-denominated CLOs in 2019.

Europe primary volume totals €29 billion so far this year across 70 CLO transactions, up from €27.3 billion from 66 transactions over the same period last year, according to a S&P Global Ratings report on Friday.

Golub sells $404.14 million

GC Investment Management priced $404.14 million of notes due Jan. 20, 2032 in the Golub Capital Partners CLO 46(M) LP middle-market transaction, according to informed sources.

The CLO sold $156 million of the class A-1-A senior secured floating-rate notes at Libor plus 180 basis points at the top of the capital stack.

Deutsche Bank Securities Inc. was the placement agent.

The offering is collateralized by middle-market first-lien senior secured loans.

Golub Capital is a New York-based middle market lender.

Cairn CLO XI prints

Cairn Loan Investments sold €418.73 million of notes due July 15, 2032 in a new euro-denominated CLO, according to market sources.

Cairn CLO XI BV priced €244 million of the class A floating-rate notes at par to yield Euribor plus 91 bps.

Citigroup Global Markets Ltd. was the placement agent.

The transaction is backed primarily by broadly syndicated senior secured loans and senior secured bonds.

The CLO manager is based in London.

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