By Cristal Cody
Tupelo, Miss., March 9 – OPAL BSL LLC priced $559.7 million of notes due April 17, 2033 in a new broadly syndicated collateralized loan obligation, according to market sources.
Golub Capital Partners CLO 48(B) Ltd./Golub Capital Partners CLO 48(B) LLC sold $341 million of class A-1 floating-rate notes at Libor plus 131 basis points, $13.7 million of class A-2 floating-rate notes at Libor plus 160 bps, $53.6 million of class B-1 floating-rate notes at Libor plus 180 bps and $9.6 million of 3.27% class B-2 fixed-rate notes.
In addition, Golub 48(B) priced $34.4 million of class C floating-rate notes at Libor plus 280 bps, $30.3 million of class D floating-rate notes at Libor plus 380 bps, $20.9 million of class E floating-rate notes at Libor plus 622 bps and $52.6 million of subordinated notes.
Credit Suisse Securities (USA) LC was the placement agent.
OPAL will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The Rule 144A and Regulation S transaction is backed by broadly syndicated first lien senior secured loans.
OPAL is an affiliate of New York-based middle market lender Golub Capital.
| Issuer: | Golub Capital Partners CLO 48(B) Ltd./Golub Capital Partners CLO 48(B) LLC
|
| Amount: | $559.7 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Maturity: | April 17, 2033
|
| Structure: | Cash flow CLO
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| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | OPAL BSL LLC
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| Call feature: | Two years
|
| Pricing date: | Feb. 19
|
| Settlement date: | March 24
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1 notes
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| Amount: | $341 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 131 bps
|
| Ratings: | S&P: AAA expected
|
| Fitch: AAA
|
|
|
| Class A-2 notes
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| Amount: | $13.7 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 160 bps
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| Ratings: | S&P: AAA expected
|
| Fitch: AAA
|
|
|
|
|
| Class B-1 notes
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| Amount: | $53.6 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 180 bps
|
| Ratings: | S&P: AA expected
|
|
|
| Class B-2 notes
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| Amount: | $9.6 million
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| Securities: | Fixed-rate notes
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| Coupon: | 3.27%
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| Ratings: | S&P: AA expected
|
|
|
| Class C notes
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| Amount: | $34.4 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 280 bps
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| Ratings: | S&P: A expected
|
|
|
| Class D notes
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| Amount: | $30.3 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 380 bps
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| Ratings: | S&P: BBB- expected
|
|
|
| Class E notes
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| Amount: | $20.9 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 622 bps
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| Ratings: | S&P: BBB- expected
|
|
|
| Equity
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| Amount: | $56.2 million
|
| Securities: | Subordinated notes
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| Ratings: | Non-rated
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