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PineBridge Investments Expands CLO Business with US$350 Million New Issue and US$475 Million Reset
New York, 6 May 2024 – PineBridge Investments (“PineBridge”), a private, global asset manager focused on active, high-conviction investing, today announced the closing of a Collateralized Loan Obligation (“CLO”) fund Galaxy 33 CLO, Ltd. with a target par amount of US$350 million. The firm also announced the reset of Galaxy XXV CLO, Ltd. with a target par of US$475 million. BofA Securities, Inc. served as sole arranger for the close of Galaxy 33 CLO, Ltd., and Goldman, Sachs & Co. LLC served as sole arranger for the reset of Galaxy XXV CLO, Ltd.
“We are excited to have completed the close of Galaxy 33 and reset of Galaxy XXV further expanding our CLO business,” said Dan Sherry, US CLO Portfolio Manager at PineBridge Investments. “At PineBridge, we are committed to working with our debt and equity investors to enhance their understanding of the complexities of the CLO asset class and providing meaningful solutions that optimize cash flow potential while prudently limiting risks.”
“Both transactions show how focused we are on continuing to build out our CLO business, which is a strategic component of our leveraged finance platform,” said Steve Hasnain, US CLO Portfolio Manager and Co-Director of Leveraged Finance Research at PineBridge Investments. “Strong demand for CLO debt led to an attractive market to pursue both a CLO reset and new issuance within a short time period, providing an opportunity to source strong prospective returns in the coming years for our investors.”
PineBridge’s Leveraged Finance Group, led by eight senior portfolio managers averaging 27 years of industry experience, has managed CLOs since 1999. The function consists of an integrated global team in the United States and Europe covering US and European loan, high yield, and CLO markets. As of 31 March 2024, PineBridge had US$25.9 billion of leveraged finance assets under management, including $7.4 billion in CLO AUM.1
Galaxy 33 marks the 40th CLO issuance, and the reset of Galaxy XXV is the 13th completed reset transaction by the team. Galaxy 33 and Galaxy XXV are PineBridge’s first new CLO issuance and second CLO reset transaction in 2024, respectively.
1 Leveraged Finance AUM includes all funds/accounts managed by PineBridge focused on US and European loans, high yield bonds, and structured credit investments since inception. Past performance is not indicative of future results. CLO AUM by region: US$5.4 billion in US CLOs and US$1.9 billion in European CLOs.
About PineBridge Investments
PineBridge Investments is a private, global asset manager focused on active, high-conviction investing. We draw on the collective power of our teams across each discipline, market, and region of the world through an open culture of collaboration designed to identify the best ideas. Our mission is to exceed clients’ expectations on every level, every day. As of 31 March 2024, the firm managed $168.2 billion across global asset classes for sophisticated investors around the world.
Disclosure
Investing involves risk, including possible loss of principal. The information presented herein is for illustrative purposes only and should not be considered reflective of any particular security, strategy, or investment product. It represents a general assessment of the markets at a specific time and is not a guarantee of future performance results or market movement. This material does not constitute investment, financial, legal, tax, or other advice; investment research or a product of any research department; an offer to sell, or the solicitation of an offer to purchase any security or interest in a fund; or a recommendation for any investment product or strategy. PineBridge Investments is not soliciting or recommending any action based on information in this document. Any opinions, projections, or forward-looking statements expressed herein are solely those of the author, may differ from the views or opinions expressed by other areas of PineBridge Investments, and are only for general informational purposes as of the date indicated. Views may be based on third-party data that has not been independently verified. PineBridge Investments does not approve of or endorse any republication of this material. You are solely responsible for deciding whether any investment product or strategy is appropriate for you based upon your investment goals, financial situation and tolerance for risk.
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