Dechert advised Golub Capital Partners, a market-leading direct lender and private credit manager, on a reset of Golub Capital Partners CLO 65(M)-R.
The reset, the largest CLO transaction ever, is valued at US$2.494 billion and includes an equity infusion of just over US$269 million and added US$930 million in triple A notes to the stack. This more than doubles the overall capitalization of the deal to US$2.5 billion, from the US$995.5 million of the initial issue two years ago.
The financial reset is scheduled on a two-year and four-year timeline. The weighted average cost of funds of Golub Capital Partners CLO 65(M)-R is 3-month Term SOFR plus 1.79%.
The Dechert team that advised Golub Capital Partners included global finance co-chair John Timperio, along with partners Christopher Duerden and Melissa Wollis and associates Marisa Mariencheck and Nick Harrelson.
About Dechert
Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients’ rights in extreme situations. Our nearly 1,000 lawyers across 16 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors.
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