By Cristal Cody
Tupelo, Miss., Nov. 5 – GSO/Blackstone Debt Funds Management LLC priced a $435.82 million collateralized loan obligation transaction, according to a market source.
Cole Park CLO Ltd./Cole Park CLO LLC priced $53 million of class A-1 loans, which include an option to convert into class A-1 notes, at Libor plus 150 basis points, $202 million of class A-1 floating-rate notes at Libor plus 150 bps and $15 million of 3.13% class A-2 fixed-rate notes.
The CLO also sold $50.5 million of class B floating-rate notes at Libor plus 225 bps; $21.25 million of class C floating-rate notes at Libor plus 300 bps; $26.75 million of class D floating-rate notes at Libor plus 390 bps; $23.5 million of class E floating-rate notes at Libor plus 610 bps and $43.82 million of subordinated notes.
Deutsche Bank Securities Inc. arranged the deal.
GSO/Blackstone will manage the CLO, which has a 1.9-year non-call period and a 4.9-year reinvestment period.
The notes are due Oct. 20, 2028.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds from the offering will be used to purchase a portfolio of about $425 million of mostly senior secured leveraged loans.
GSO/Blackstone has been in the primary market with five new U.S. CLO deals and one refinancing transaction year to date.
The New York City-based subsidiary of alternative asset manager GSO Capital Partners LP placed five U.S. CLO transactions in 2014.
| Issuer: | Cole Park CLO Ltd./Cole Park CLO LLC
|
| Amount: | $435.82 million
|
| Maturity: | Oct. 20, 2028
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | 1.9 years
|
| Pricing date: | Oct. 30
|
| Settlement date: | Dec. 7
|
| Distribution: | Rule 144A
|
|
|
| Class A-1 loans
|
| Amount: | $53 million
|
| Securities: | Loans
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-1 notes
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| Amount: | $202 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-2 notes
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| Amount: | $15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.13%
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
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| Amount: | $50.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Non-rated
|
|
|
| Class C notes
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| Amount: | $21.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Non-rated
|
|
|
| Class D notes
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| Amount: | $26.75 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 390 bps
|
| Rating: | Non-rated
|
|
|
| Class E notes
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| Amount: | $23.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 610 bps
|
| Rating: | Non-rated
|
|
|
| Equity
|
| Amount: | $43.82 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
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