Pinebridge closes European CLO on €335m

The firm marked its return to the European CLO market with its first deal since 2007.

Asset management group Pinebridge Investments has closed its latest European CLO, with Barclays having acted as arranger, the firm said in a statement.

Euro-Galaxy III CLO will invest mainly in European senior secured loans. The CLO features a variable funding note (VFN) which provides “enhanced flexibility and efficient cash management” during its ramp-up phase. Pinebridge claims it is the first European CLO to feature a VFN since the financial crisis.

Pinebridge’s team includes Adeel Shafiqullah, managing director of European leveraged finance. Shafiqullah said the firm was “very pleased to be part of the re-opening of the European CLO market”, in the statement.

The firm’s first two CLOs were launched in 2006 and 2007 respectively. It is the firm’s nineteenth CLO in total, and takes the firm’s total leveraged finance AUM to $9.4 billion, it said. Pinebridge’s total AUM across all asset classes now stands at $69.1 billion.