PineBridge Investments Advances CLO Business With US$550 Million New Issue

New York, 23 April 2025 - PineBridge Investments ("PineBridge"), a private, global asset manager focused on active, high-conviction investing, today announced the close of Galaxy 35 CLO, Ltd., a US$550 million target par new issue collateralized loan obligation (CLO). J.P. Morgan acted as placement agent of the notes.

Galaxy 35 marks the firm's 41st CLO issuance, and the latest in a series of transactions to expand its CLO platform. The transaction follows two new issues (Galaxy 33 CLO, Ltd., and Galaxy 34 CLO, Ltd.), three resets (Galaxy XXIV CLO, Ltd., Galaxy XXV CLO, Ltd., and Galaxy 30 CLO, Ltd.), and two refinancings (Galaxy XXVI CLO, Ltd., and Galaxy XXII CLO, Ltd.). All were completed in 2024, reinforcing PineBridge's continued momentum and commitment to growing this integral business line.

"Successfully closing Galaxy 35 in today's market reflects both the strength of our CLO platform and the confidence of our investors," said Dan Sherry, US CLO Portfolio Manager. "Our ability to upsize Galaxy 35 ahead of a period of heightened market volatility provides an opportunity to purchase additional loan assets at attractive valuations. Galaxy CLO activity during 2024 and into 2025 sets up our platform to continue to deliver strong results for our existing investor base."

2024 represented the strongest year of US CLO issuance for the market in over 20 years, with US$202 billion in new issuance.1 Through 31 March 2025, US$48.6 billion CLOs have priced in the US, keeping pace with the US$48.8 billion priced during the same period last year.2

"As an issuer of CLOs for over two decades, this transaction further exemplifies our long-term commitment to our Galaxy business and its strategic importance to PineBridge's leveraged finance platform, even amid a complex and evolving credit environment," said Kevin Wolfson, US CLO and Leveraged Loan Portfolio Manager. "We believe our disciplined, fundamentals-driven investment approach, which focuses on minimizing downside risks while delivering compelling risk-adjusted returns, is appealing to both equity and debt investors."

PineBridge's Leveraged Finance Group - led by seven senior portfolio managers with an average of 28 years of industry experience - has managed CLOs since 1999, reflecting the firm's conviction in the asset class as a critical component of client portfolios and a key driver of growth within the platform. The global, integrated team spans the United States and Europe, covering US and European loans, high yield bonds, and CLOs. As of 31 December 2024, PineBridge managed US$27.4 billion in leveraged finance assets, including US$6.7 billion in CLO AUM.3