By Cristal Cody
Tupelo, Miss., Feb. 21 – GC Investment Management LLC sold $411.38 of notes due March 8, 2029 at par in the Golub Capital Partners CLO 34(M) Ltd./Golub Capital Partners CLO 34(M) LLC middle-market transaction, according to a market source.
The CLO priced $226.1 million of class A-1 floating-rate notes at Libor plus 185 basis points; $36.8 million of class A-2 floating-rate notes at Libor plus 250 bps; $41.1 million of class B floating-rate notes at Libor plus 350 bps; $18.6 million of class C floating-rate notes at Libor plus 450 bps and $88.78 million of subordinated notes.
Natixis Securities America LLC arranged the offering.
GC Investment Management will manage the CLO, which is collateralized primarily by middle-market senior secured term loans.
The CLO has a non-call period that ends March 8, 2019 and a reinvestment period scheduled to end March 8, 2021.
GC Investment Management, an affiliate of New York-based middle market lender Golub Capital, priced three CLO deals in 2016.
| Issuer: | Golub Capital Partners CLO 34(M) Ltd./Golub Capital Partners CLO 34(M) LLC
|
| Amount: | $411.38 million
|
| Securities: | Floating-rate and subordinated notes
|
| Maturity: | March 8, 2029
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities America LLC
|
| Manager: | GC Investment Management LLC
|
| Call feature: | March 8, 2019
|
| Pricing date: | Feb. 16
|
| Settlement date: | March 8
|
|
|
| Class A-1 notes
|
| Amount: | $226.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa (expected)
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $36.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 (expected)
|
|
|
| Class B notes
|
| Amount: | $41.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Price: | Par
|
| Rating: | Moody’s: A3 (expected)
|
|
|
| Class C notes
|
| Amount: | $18.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Price: | Par
|
| Rating: | Moody’s: Baa3 (expected)
|
|
|
| Equity
|
| Amount: | $88.78 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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