LONDON, Dec. 17, 2013 /PRNewswire/ -- PineBridge Investments ("PineBridge"), the global multi-asset class investment manager, today announced the closing of a €335 million Collateralized Loan Obligation ("CLO") fund. Euro-Galaxy III CLO B.V. will invest primarily in European senior secured loans. Barclays Bank PLC arranged the transaction.
The transaction features a Variable Funding Note ("VFN") that provides enhanced flexibility and efficient cash management during the ramp-up phase. It is the first European CLO to include a VFN since the 2008 financial crisis.
Adeel Shafiqullah, Managing Director of European Leveraged Finance at PineBridge, said, "We are very pleased to announce the completion of Euro-Galaxy III and to be a part of the re-opening of the European CLO market. The transaction demonstrates PineBridge's commitment to the asset class and we appreciate the support from our existing and new investors."
PineBridge's Leveraged Finance Group has managed CLOs since 2000 and has an integrated global team in the United States and Europe covering both US and European loan markets. Euro-Galaxy III marks the 19th CLO that PineBridge has completed. As of 17th December 2013, PineBridge had US $9.41 billion of leveraged finance assets under management.
According to S&P Capital IQ LCD, as of December 16th 2013, year to date primary CLO issuance has been US $77.5 billion in the United States and €7.4 billion in Europe.
PineBridge has previously issued two CLOs in the European market: Euro-Galaxy CLO B.V., completed in September 2006 and Euro-Galaxy II CLO B.V., completed in August 2007.
Data as at 17 December 2013.
PineBridge Investments Europe Limited is authorised and regulated by the Financial Conduct Authority. For illustrative purposes only. We are not soliciting or recommending any action based on this material. This article is intended for information only, aimed solely at professional investors and should not be relied upon by private/retail investors. Any views stated represent the opinions of the manager and are subject to change. Diversification does not ensure against market losses. Past performance is not indicative of future results.
About PineBridge Investments:
PineBridge is a global asset manager with over 60 years of experience in emerging and developed markets, delivering innovative alpha-oriented strategies across asset allocation, equities, fixed income and alternatives. PineBridge manages over US $69.1bn in AUM worldwide as of 30 September 2013.
What differentiates PineBridge is the integration of the on-the-ground knowledge with analytical insights, bridging global and local capabilities to deliver innovative products and solutions that create value for clients.
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SOURCE PineBridge Investments