By Cristal Cody
Tupelo, Miss., Jan. 13 – GC Investment Management LLC priced a $400 million second reprint of notes from a vintage 2015 middle-market collateralized loan obligation, according to an informed source and a second notice of optional redemption by refinancing.
Golub Capital Partners CLO 28(M) Ltd./Golub Capital Partners CLO 28(M) LLC sold $400 million of class A-R floating-rate notes at a weighted average spread of Libor plus 212 basis points.
Wells Fargo Securities LLC was the underwriter.
GC Investment Management will continue to manage the CLO.
The reset CLO has an extended two-year non-call period and a four-year reinvestment period.
The CLO notes originally were issued Dec. 18, 2015 and were first refinanced Dec. 12, 2017.
In the first refinancing, $400 million of notes due Nov. 5, 2027 were priced at Libor plus 133.75 bps.
The Rule 144A and Regulation S transaction is backed primarily by middle-market senior secured corporate loans.
Proceeds will be used to redeem the outstanding class A-R notes and subordinated notes on Jan. 23.
GC Investment Management is an affiliate of New York-based middle market lender Golub Capital.
| Issuer: | Golub Capital Partners CLO 28(M) Ltd./Golub Capital Partners CLO 28(M) LLC
|
| Amount: | $400 million refinancing
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
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| Refinancing agent: | Wells Fargo Securities LLC
|
| Manager: | GC Investment Management LLC
|
| Weighted average spread: | Libor plus 212 bps
|
| Call feature: | Two years
|
| Pricing date: | Jan. 9
|
| Settlement date: | Jan. 23
|
| Distribution: | Rule 144A and Regulation S
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