By Cristal Cody
Tupelo, Miss., Oct. 18 – PineBridge Investments LLC priced $517.5 million of notes in a refinancing and reset of a vintage 2013 collateralized loan obligation offering, according to a market source and a notice of executed supplemental indenture on Tuesday.
Galaxy XV CLO Ltd./Galaxy XV CLO LLC sold $2.3 million of class X senior floating-rate notes at Libor plus 65 basis points; $358.4 million of class A-R senior floating-rate notes at Libor plus 120 bps; $61.6 million of class B-R senior floating-rate notes at Libor plus 160 bps; $39.2 million of class C-R mezzanine floating-rate notes at Libor plus 200 bps; $30.8 million of class D-R mezzanine floating-rate notes at Libor plus 300 bps and $25.2 million of class E-R junior floating-rate notes at Libor plus 664.5 bps.
Goldman Sachs & Co. LLC was the refinancing placement agent.
PineBridge Investments will continue to manage the CLO.
The maturity on the refinanced notes was extended to Oct. 15, 2030 from the original April 15, 2025 maturity.
The reset CLO has a two-year non-call period and a five-year reinvestment period.
The original $598 million of floating-rate and subordinated notes were issued on March 14, 2013. The CLO priced $357.65 million of class A floating-rate notes at Libor plus 125 bps; $62,675,000 of class B floating-rate notes at Libor plus 185 bps; $50.6 million of class C deferrable floating-rate notes at Libor plus 260 bps; $31,625,000 of class D deferrable floating-rate notes at Libor plus 340 bps; $25,875,000 of class E deferrable floating-rate notes at Libor plus 485 bps and $69,575,000 of subordinated notes.
Proceeds were used to redeem the original notes.
PineBridge Investments has priced one new CLO and refinanced four vintage CLOs year to date.
The asset management firm is based in New York City.
| Issuer: | Galaxy XV CLO Ltd./Galaxy XV CLO LLC
|
| Amount: | $517.5 million refinancing
|
| Maturity: | Oct. 15, 2030
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Goldman Sachs & Co. LLC
|
| Manager: | PineBridge Investments LLC
|
| Call feature: | Two years
|
| Settlement date: | Oct. 16
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class X notes
|
| Amount: | $2.3 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $358.4 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $61.6 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $39.2 million
|
| Securities: | Mezzanine floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $30.8 million
|
| Securities: | Deferrable junior floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $25.2 million
|
| Securities: | Junior floating-rate notes
|
| Coupon: | Libor plus 664.5 bps
|
| Rating: | S&P: BB-
|
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