Chicago, Jan. 27 – Blackstone Liquid Credit Strategies LLC repriced $173 million of four classes of notes in the Cirrus Funding 2018-1, Ltd. transaction due 2037, according to a market source.
The CDO refinanced $78 million of class B-R 3.21% senior secured fixed-rate notes, $30 million of class C-R 3.51% mezzanine secured deferrable fixed-rate notes, $29 million class D-R 5.51% mezzanine secured deferrable fixed-rate notes and $36 million class E 5.5% junior secured deferrable fixed-rate notes.
The notes are collateralized by a portfolio of corporate bonds and loans.
At least 30% of the portfolio has to be senior debt and 70% of the CDO can be second-lien, unsecured or subordinated.
Blackstone Liquid Credit Strategies will continue to direct the selection during the three-year reinvestment period.
The CDO was originally issued on Nov. 28, 2018 and included class A notes and subordinated notes that will remain outstanding.
Proceeds from the refinancing will be used to redeem the refinanced original notes.
The non-call period has been extended for the refinanced notes and additions to further the CLO’s ability hold workout and restructured assets have been made.
Blackstone is a credit-focused asset manager based in New York.
| Issuer: | Cirrus Funding 2018-1, Ltd.
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| Amount: | $173 million
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| Maturity date: | 2037
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| Securities: | Collateralized debt obligation
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| Manager: | Blackstone Liquid Credit Strategies LLC
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| Settlement date: | Jan. 25
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|
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| Class B-R notes
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| Amount: | $78 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 3.21%
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| Ratings: | Moody’s: Aa1
|
|
|
| Class C-R notes
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| Amount: | $30 million
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| Securities: | Mezzanine secured deferrable fixed-rate notes
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| Coupon: | 3.51%
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| Ratings: | Moody’s: A1
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|
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| Class D-R notes
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| Amount: | $29 million
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| Securities: | Mezzanine secured deferrable fixed-rate notes
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| Coupon: | 5.51%
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| Ratings: | Moody’s: Baa1
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|
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| Class E-R notes
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| Amount: | $36 million
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| Securities: | Junior secured deferrable fixed-rate notes
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| Coupon: | 5.5%
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| Ratings: | Moody’s: Ba2
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