Pinebridge Investments said today it closed its first collateralized loan obligation of 2013 after upsizing the deal.
Galaxy XV CLO issued $598 million of notes. The firm was originally planning a deal with a par balance of $575 million, according to a presale report issued by Moody’s Investors Service last month.
Moody’s said at the time it had provisionally rated the senior tranche, which was then sized at $357.65 million, an ‘Aaa” rating.
Galaxy XV CLO is backed primarily by a pool of broadly syndicated leveraged loans. Its closure brings Pinebridge’s total leveraged finance assets under management to $8.8 billion.
Goldman Sachs acted as placement agent for the transaction.