Chicago, April 13 – PineBridge Investments LLC sold $447.86 million in a collateralized loan obligation issued by Galaxy 31 CLO Ltd./Galaxy 31 CLO LLC, according to a presale report.
The notes will mature on April 15, 2036.
The CLO consists of $270 million of class A senior secured floating-rate notes at SOFR plus 186 basis points, $56.25 million of class B senior secured floating-rate notes at SOFR plus 267 bps, $24.75 million of class C-1 senior secured deferrable floating-rate notes at SOFR plus 342 bps, $18 million of class C-2 senior secured deferrable floating-rate notes at SOFR plus 350 bps, $25.65 million of class D senior secured deferrable floating-rate notes at SOFR plus 525 bps, $13.05 million of class E senior secured deferrable floating-rate notes at SOFR plus 843 bps and $40.16 million of subordinated notes.
PineBridge Investments LLC will manage the collateral through the end of the reinvestment period on April 15, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 29, 2025.
J.P. Morgan Securities LLC was the placement agent.
The asset management firm is based in New York City.
| Issuer: | Galaxy 31 CLO Ltd./Galaxy 31 CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $447.86 million
|
| Maturity: | April 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | PineBridge Investments LLC
|
| Call feature: | March 29, 2025
|
| Settlement date: | March 29
|
|
|
| Class A notes
|
| Amount: | $270 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 186 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $56.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 267 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $24.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 342 bps
|
| Rating: | S&P: A+
|
|
|
| Class C-2 notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 350 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $25.65 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 525 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $13.05 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 843 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40.16 million
|
| Securities: | Subordinated notes
|
|
|
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