Chicago, March 21 – PineBridge Investments LLC sold $404 million in a collateralized loan obligation being issued by Galaxy 30 CLO Ltd./Galaxy 30 CLO LLC, according to a pre-sale report.
The notes will mature on April 15, 2035.
The CLO consists of $252 million of class A senior secured floating-rate notes at SOFR plus 136 basis points, $47 million of class B-1 senior secured floating-rate notes at SOFR plus 185 bps, $5 million of class B-2 3.43% senior secured fixed-rate notes, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 220 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 335 bps, $16 million of class E senior secured deferrable floating-rate notes at SOFR plus 695 bps and $36 million of subordinated notes.
PineBridge Investments LLC will manage the collateral through the end of the reinvestment period on April 15, 2027.
Collateral comes from broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 15, 2024.
Barclays was the placement agent.
The asset management firm is based in New York City.
Issuer: | Galaxy 30 CLO Ltd./Galaxy 30 CLO LLC
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Amount: | $404 million
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Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
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Maturity: | April 15, 2035
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Structure: | Cash flow CLO
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Placement agent: | Barclays
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Manager: | PineBridge Investments LLC
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Call feature: | April 15, 2024
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Settlement date: | March 29
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Class A notes
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Amount: | $252 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 136 bps
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Rating: | S&P: AAA
|
|
Class B-1 notes
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Amount: | $47 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 185 bps
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Rating: | S&P: AA
|
|
Class B-2 notes
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Amount: | $5 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 3.43%
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Rating: | S&P: AA
|
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Class C notes
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Amount: | $24 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 220 bps
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Rating: | S&P: A
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Class D notes
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Amount: | $24 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 335 bps
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $16 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 695 bps
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Rating: | S&P: BB-
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Subordinated notes
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Amount: | $36 million
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Securities: | Subordinated notes
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