By Rebecca Melvin
New York, Sept. 19 – GSO/Blackstone Debt Funds Management LLC priced $564.3 million of notes in a collateralized loan obligation deal, according to an informed source.
The Thacher Park CLO Ltd./Thacher Park CLO LLC sold $357.5 million of class A floating-rate notes at Libor plus 147 basis points (Aaa//AAA); $58.33 million of class B floating-rate notes at Libor plus 220 bps (Aa2//); $26.95 million of class C floating-rate notes at Libor plus 305 bps (A2//); $23.1 million of class D-1 floating-rate notes at Libor plus 420 bps (Baa3//); $11 million of class D-2 floating-rate notes at Libor plus 430 bps (Baa3//); $28.45 million of class E-1 floating-rate notes at Libor plus 630 bps (Ba3//); $4 million of class E-2 floating-rate notes at Libor plus 630 bps (Ba3//); and $55 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.
| Issuer: | Thacher Park CLO Ldt./Thacher Park CLO LLC
|
| Amount: | $564.3 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Maturity: | 2026
|
| Placement agent: | Goldman Sachs & Co.
|
| Manager: | GSL/Blackstone Debt Funds Management LLC
|
| Pricing date: | Sept. 16
|
|
|
| Class A notes
|
| Amount: | $357.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 147 bps
|
| Expected ratings: Moody’s: Aaa
|
| Fitch Ratings Service: AAA
|
|
|
| Class B notes
|
| Amount: | $58.33 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Expected rating: | Moody’s: Aa2
|
|
|
| Class C notes
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| Amount: | $26.95 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Expected rating: | Moody’s: A2
|
|
|
| Class D-1 notes
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| Amount: | $23.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 420 bps
|
| Expected rating: | Moody’s: Baa3
|
|
|
| Class D-2 notes
|
| Amount: | $11 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 430 bps
|
| Expected rating: | Moody’s: Baa3
|
|
|
| Class E-1 notes
|
| Amount: | $28.45 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 630 bps
|
| Expected rating: | Moody’s: Ba3
|
|
|
| Class E-2 notes
|
| Amount: | $4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 630 bps
|
| Expected rating: | Moody’s: Ba3
|
|
|
| Equity tranche
|
| Amount: | $55 million
|
| Securities: | Subordinated notes
|
| Expected rating: | Non-rated
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