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Blackstone/GSO refinances fourth euro CLO of year; Europe refinancings outpace new supply
By Cristal Cody
Tupelo, Miss., May 16 – Blackstone/GSO Debt Funds Management Europe Ltd. refinanced €412.5 million of notes in its fourth euro-denominated CLO refinancing transaction of the year.
Blackstone/GSO also has priced one new euro CLO in 2017.
The European CLO market has seen nearly €5 billion of new issuance and nearly €10 billion of refinanced CLO notes year to date, according to BofA Merrill Lynch.
In the secondary market, euro CLO spreads have been mixed in May. Euro AAA spreads ended Friday 5 basis points softer at Euribor plus 95 bps, while A-rated notes firmed 10 bps over the past week to Euribor plus 215 bps, according to a BofA Merrill Lynch report.
Blackstone/GSO refinances
Blackstone/GSO Debt Funds Management Europe refinanced €412.5 million of notes due Nov. 16, 2027 in the vintage 2014 Sorrento Park CLO DAC transaction, according to a market source on Tuesday.
The CLO sold €290 million of class A-1A-R senior secured floating-rate notes at Euribor plus 95 bps at the top of the capital structure.
Barclays was the refinancing agent.
In the original deal priced on Sept. 23, 2014, the CLO sold the €290 million tranche of class A-1A senior secured floating-rate notes at Euribor plus 125 bps.
Proceeds from the offering will be used to redeem the original notes.
The deal is backed primarily by European first-lien senior secured leveraged loans.
Blackstone/GSO has refinanced four CLOs and priced one new CLO year to date.
In 2016, Blackstone/GSO placed three new euro-denominated CLO transactions.
The Dublin-based manager is an affiliate of Blackstone Group LP.
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