By Cristal Cody
Tupelo, Miss., May 5 – GSO/Blackstone Debt Funds Management LLC priced $660.84 million of notes due April 15, 2026 in a collateralized loan obligation transaction, according to a market source.
Stewart Park CLO Ltd./Stewart Park CLO LLC sold $393.25 million of class A senior secured floating-rate notes (Aaa/AAA/) at Libor plus 143 basis points at par; $80.7 million of class B senior secured floating-rate notes (Aa1) at Libor plus 200 bps at par; $56.88 million of class C secured deferrable floating-rate notes (A2) at Libor plus 290 bps at par; $35.75 million of class D secured deferrable floating-rate notes (Baa3) at Libor plus 345 bps at 96.95; $33 million of class E secured deferrable floating-rate notes (Ba3) at Libor plus 545 bps at 94 and $61.26 million of subordinated notes.
Wells Fargo Securities LLC was the placement agent.
GSO/Blackstone is the CLO manager.
The CLO is non-callable until May 7, 2017. The reinvestment period ends Jan. 15, 2020.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
GSO/Blackstone has priced three U.S. CLOs year to date.
The New York City-based subsidiary of alternative asset manager GSO Capital Partners LP brought five U.S. CLOs in 2014.
| Issuer: | Stewart Park CLO Ltd./Stewart Park CLO LLC
|
| Amount: | $660.84 million
|
| Maturity: | April 15, 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | May 7, 2017
|
| Pricing date: | April 17
|
| Settlement date: | May 7
|
|
|
| Class A notes
|
| Amount: | $393.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $80.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa1
|
|
|
| Class C notes
|
| Amount: | $56.88 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $35.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Price: | 96.95
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $33 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 545 bps
|
| Price: | 94
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $61.26 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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