GSO/Blackstone preps manager’s sixth CLO deal of 2015; RAIT markets $348.9 million CRE CLO

By Cristal Cody

Tupelo, Miss., Dec. 10 – The CLO deal pipeline is heating up in December with two new transactions expected to price in the broadly syndicated and commercial real estate CLO primary markets.

GSO/Blackstone Debt Funds Management LLC is marketing a $506.65 million CLO.

In the CRE CLO primary space, RAIT Partnership LP plans to price a $348.9 million deal.

Also in the CRE CLO pipeline, NorthStar Realty Finance Corp. is marketing $612,978,000 of notes in the NorthStar 2015-1/NorthStar 2015-1, LLC transaction.

GSO/Blackstone deal on tap

GSO/Blackstone Debt Funds Management plans to price $506.65 million of notes due Jan. 20, 2027 in the Webster Park CLO Ltd./Webster Park CLO LLC offering, according to a market source.

The deal includes $300.8 million of class A-1 floating-rate notes (/AAA); $59.2 million of class A-2 floating-rate notes; $41.3 million of class B deferrable floating-rate notes; $28.8 million of class C deferrable floating-rate notes; $30 million of class D deferrable floating-rate notes and $46.55 million of subordinated notes.

Citigroup Global Markets Inc. will arrange the transaction.

The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.

GSO/Blackstone has priced five U.S. CLOs and refinanced one vintage CLO year to date.

The New York City-based subsidiary of alternative asset manager GSO Capital Partners LP brought five U.S. CLO transactions to market in 2014.

RAIT to price CRE CLO

RAIT Partnership is marketing $348.9 million of notes due Jan. 17, 2031 in a CRE CLO transaction via Barclays, according to an informed source.

The RAIT 2015-FL5, LLC deal includes $194.6 million of class A notes (Aaa); $54.9 million of class B notes; $15.3 million of class C notes; $23.1 million of class D notes; $12.2 million of class E notes; $13 million of class F notes and $35.8 million of class G notes. The class E, F and G notes will not be publicly offered.

RAIT Partnership will act as servicer for the transaction. Trimont Real Estate Advisors, LLC will act as operating adviser.

The deal is backed by a portfolio of first-lien secured commercial real estate mortgages, including 31 whole loans and senior participations, originated by RAIT Partnership.

RAIT Partnership is a subsidiary of Philadelphia-based commercial real estate investment trust RAIT Financial Trust.

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