Dechert LLP  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.