By Cristal Cody
Tupelo, Miss., July 22 – GSO/Blackstone Debt Funds Management LLC sold $455.45 million of notes at par in a refinancing of the Gramercy Park CLO Ltd./Gramercy Park CLO Corp. transaction first brought in 2012, a market source said.
The CLO refinanced $327.5 million of class A-1R senior secured floating-rate notes (Aaa/AAA/) at Libor plus 130 basis points; $33.7 million of class A-2R senior secured floating-rate notes at Libor plus 190 bps; $42.5 million of class B-R senior secured deferrable floating-rate notes (/AA/) at Libor plus 295 bps; $24.25 million of class C-R senior secured deferrable floating-rate notes (/A/) at Libor plus 405 bps and $27.5 million of class D-R senior secured deferrable floating-rate notes (/BBB/) at Libor plus 550 bps.
Credit Suisse Securities (USA) LLC arranged the refinancing.
GSO/Blackstone is the CLO manager.
The notes are due July 17, 2023.
Proceeds from the deal were used to redeem the original tranches of notes.
GSO/Blackstone, a New York City-based subsidiary of alternative asset manager GSO Capital Partners LP, was most recently in the CLO primary market in May with the $717.4 million Seneca Park CLO Ltd./Seneca Park CLO LLC transaction.
| Issuer: | Gramercy Park CLO Ltd./Gramercy Park CLO Corp.
|
| Amount: | $455.45 million
|
| Maturity: | July 17, 2023
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Pricing date: | July 10
|
|
|
| Class A-1R notes
|
| Amount: | $327.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2R notes
|
| Amount: | $33.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Price: | Par
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B-R notes
|
| Amount: | $42.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Price: | Par
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C-R notes
|
| Amount: | $24.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 405 bps
|
| Price: | Par
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class D-R notes
|
| Amount: | $27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Price: | Par
|
| Rating: | Standard & Poor’s: BB
|
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