Chicago, March 4 – Aquarian Credit Partners LLC refinanced for $502.8 million the collateralized loan obligation issued by Gallatin CLO VIII 2017-1, Ltd./Gallatin CLO VIII 2017-1 LLC, according to a supplemental indenture and a press release.
The notes will mature on July 2031.
The CLO now consists of $9 million of class X-R senior secured floating-rate notes at Libor plus 85 basis points, $308.7 million of class A-1-R senior secured floating-rate notes at Libor plus 109 bps, $12.3 million of class A-2-R senior secured floating-rate notes at Libor plus 145 bps, $32 million of class B-1-R senior secured floating-rate notes at Libor plus 165 bps, $6 million of class B-2-R 2.86% senior secured fixed-rate notes, $22 million of class C-1-R deferrable mezzanine floating-rate notes at Libor plus 215 bps, $7 million of class C-2-R 3.42% deferrable mezzanine fixed-rate notes, $22.5 million of class D-1-R deferrable mezzanine floating-rate notes at Libor plus 330 bps, $10.5 million of class D-2-R 6% deferrable mezzanine fixed-rate notes, $17.3 million of class E-R deferrable mezzanine floating-rate notes at Libor plus 692 bps, $10.5 million of class F-R 9% deferrable mezzanine fixed-rate notes and $45 million of subordinated notes.
Aquarian Credit Partners LLC will manage the collateral through the end of the reinvestment period in July 2023.
Collateral for the notes consists of a portfolio of broadly syndicated senior secured corporate loans.
The notes can be called starting July 2023.
GreensLedge Capital Markets LLC was the placement agent.
Gallatin is a CLO management firm based in San Juan, Puerto Rico.
| Issuer: | Gallatin CLO VIII 2017-1, Ltd./Gallatin CLO VIII 2017-1 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $502.8 million
|
| Maturity: | July 2031
|
| Structure: | Cash flow CLO
|
| Placement agent: | GreensLedge Capital Markets LLC
|
| Manager: | Aquarian Credit Partners LLC
|
| Call feature: | July 2023
|
| Settlement date: | Dec. 28
|
|
|
| Class X-R notes
|
| Amount: | $9 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 85 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1-R notes
|
| Amount: | $308.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 109 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2-R notes
|
| Amount: | $12.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1-R notes
|
| Amount: | $32 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2-R notes
|
| Amount: | $6 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.86%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-1-R notes
|
| Amount: | $22 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | Moody's: A2
|
|
|
| Class C-2-R notes
|
| Amount: | $7 million
|
| Securities: | Deferrable mezzanine fixed-rate notes
|
| Coupon: | 3.42%
|
| Rating: | Moody's: A2
|
|
|
| Class D-1-R notes
|
| Amount: | $22.5 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Rating: | Moody's: Baa2
|
|
|
| Class D-2-R notes
|
| Amount: | $10.5 million
|
| Securities: | Deferrable mezzanine fixed-rate notes
|
| Coupon: | 6%
|
| Rating: | Moody's: Ba1
|
|
|
| Class E-R notes
|
| Amount: | $17.3 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 692 bps
|
| Rating: | Moody's: Ba2
|
|
|
| Class F-R notes
|
| Amount: | $10.5 million
|
| Securities: | Deferrable mezzanine fixed-rate notes
|
| Coupon: | 9%
|
| Rating: | Moody's: B1
|
|
|
| Subordinated notes
|
| Amount: | $45 million
|
| Securities: | Subordinated notes
|
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