Golub Capital has refinanced part of a collateralized loan obligation originally issued in January 2012, according to rating agency reports.

Golub Capital Partners CLO 12 issued a new tranche of class C-R notes and proceeds were used to repurchase outstanding class C notes. The new notes were issued at a lower spread than the original notes, according to Standard & Poor’s

The deal is still its reinvestment period. It originally issued $144 million of class A notes, $17.5 million of class B notes, $19 million of class C notes and $70.8 million of equity.

S&P published a report this week saying that it was withdrawing its ‘A’ ratings on the class C notes and assigning the same rating to the class C-R notes.  Moody’s Investors Service, which only rates the deal’s senior, class A tranche, also published a report saying that its ‘Aaa’ rating on this tranche was unaffected by the refinancing of the class C notes.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.