By Rebecca Melvin
New York, Feb. 5 – GSO/Blackstone Debt Funds Management LLC sold $509.44 million of notes due Jan. 20, 2027 in a collateralized loan obligation deal, according to a market source.
Dorchester Park CLO Ltd./ Dorchester Park CLO LLC priced $312.5 million of class A floating-rate notes (//AAA) at Libor plus 140 basis points.
The CLO sold $62.75 million of class B floating-rate notes (//AA) at Libor plus 220 bps; $27.25 million of class C deferrable floating-rate notes (//A) at Libor plus 320 bps; $19 million of class D deferrable floating-rate notes (//BBB) at Libor plus 355 bps; $25 million of class E deferrable floating-rate notes (//BB) at Libor plus 525 bps and $17 million of class F deferrable floating-rate notes (//B) at Libor plus 625 bps.
The offering included $49.94 million of income notes in the equity tranche.
Deutsche Bank Securities Inc. was arranger and placement agent.
GSO/Blackstone Debt Funds Management will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
Collateral consists of broadly syndicated U.S. high-yield corporate loans.
GSO/Blackstone previously was in the U.S. primary market in December with the $510 million Bowman Park CLO Ltd./Bowman Park CLO LLC offering.
The New York City-based subsidiary of alternative asset manager GSO Capital Partners LP priced five U.S. CLO transactions in 2014.
Issuer: | Dorchester Park CLO Ltd./Dorchester park CLO LLC
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Amount: | $509.44 million
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Maturity: | Jan. 20, 2027
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Arranger: | Deutsche Bank Securities Inc.
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Manager: | GSO/Blackstone Debt Funds Management LLC
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Call feature: | 2017
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Pricing date: | Feb. 4
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Settlement date: | Feb. 26
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Class A notes
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Amount: | $312.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 140 bps
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Ratings: | Fitch: AAA
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Class B notes
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Amount: | $62.75 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 220 bps
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Rating: | Fitch: AA
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Class C notes
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Amount: | $27.25 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 320 bps
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Rating: | Fitch: A
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Class D notes
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Amount: | $19 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 355 bps
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Rating: | Fitch: BBB
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Class E notes
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Amount: | $25 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 525 bps
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Rating: | Fitch: BB
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Class F notes
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Amount: | $17 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 625 bps
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Rating: | Fitch: B
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Equity tranche
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Amount: | $49.94 million
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Securities: | Income notes
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Ratings: | Non-rated
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