Select your geography
Americas
Back
PineBridge Investments Completes Reset of US$400 Million Collateralized Loan Obligation
New York, 20 March 2024 – PineBridge Investments (“PineBridge), a private, global asset manager focused on active, high-conviction investing, announced the reset of a collateralized loan obligation (CLO), Galaxy XXIV, with a target par of US$400 million. BofA Securities, Inc. served as sole initial purchaser and placement agent for the transaction.
“We are pleased to have completed this reset enabling us to optimize costs in the current market and enhance our return profile; reinforcing our commitment to delivering sustained value for our investors,” said Dan Sherry, US CLO Portfolio Manager at PineBridge Investments. “Driven by the strong credit performance of this 2017 vintage CLO, the reset of Galaxy XXIV will extend the period available to drive strong results.”
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 December 2023, PineBridge had US$26.2 billion of leveraged finance assets under management1, including $5.9 billion in U.S. CLOs AUM2.
The reset of Galaxy XXIV marks PineBridge’s 12th completed reset transaction.
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 December 2023, the firm managed $157.1 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.