GSO/Blackstone prepares $515 million Thacher Park CLO offering

By Cristal Cody

Tupelo, Miss., Sept. 15 – GSO/Blackstone Debt Funds Management LLC is marketing a $515 million collateralized loan obligation deal, according to a source on Monday.

The Thacher Park CLO Ltd./Thacher Park CLO LLC offering is expected to include $325 million of class A floating-rate notes (//AAA), $53 million of class B floating-rate notes, $24.5 million of class C floating-rate notes, $31 million of class D floating-rate notes, $29.5 million of class E floating-rate notes and $52 million of subordinated notes.

Goldman Sachs & Co. is the placement agent.

GSO/Blackstone will manage the CLO.

The CLO has a two-year non-callable period and a four-year reinvestment period.

The notes are due in 2026.

The transaction is backed primarily by first-lien senior secured loans.

Proceeds from the deal will be used to purchase a portfolio of about $500 million of mostly senior secured leveraged loans.

GSO/Blackstone was most recently in the primary market on July 31 with the $615.55 million Birchwood Park CLO, Ltd./Birchwood Park CLO LLC deal.

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

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