By Cristal Cody
Tupelo, Miss., Dec. 21 – GSO/Blackstone Debt Funds Management LLC sold $506.5 million of notes due Jan. 20, 2027 in a new collateralized loan obligation offering, according to a market source.
Webster Park CLO Ltd./Webster Park CLO LLC priced $300.8 million of class A-1 senior secured floating-rate notes at Libor plus 150 basis points and $59.2 million of class A-2 senior secured floating-rate notes at Libor plus 225 bps.
The CLO sold $20 million of class B-1 secured deferrable floating-rate notes at Libor plus 310 bps and $21.3 million of 5.06% class B-2 secured deferrable fixed-rate notes.
Webster Park CLO also priced $28.3 million of class C secured deferrable floating-rate notes at Libor plus 405 bps, $30 million of class D secured deferrable floating-rate notes at Libor plus 610 bps and $46.9 million of subordinated notes.
Citigroup Global Markets Inc. arranged the transaction.
GSO/Blackstone will manage the CLO.
The CLO has a non-call period that ends on Jan. 20, 2018. The reinvestment period ends on Oct. 20, 2020.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
GSO/Blackstone has priced six U.S. CLOs and refinanced one vintage CLO 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: | Webster Park CLO Ltd./Webster Park CLO LLC
|
| Amount: | $506.5 million
|
| Maturity: | Jan. 20, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | Jan. 20, 2018
|
| Pricing date: | Dec. 15
|
| Settlement date: | Jan. 20
|
|
|
| Class A-1 notes
|
| Amount: | $300 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
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| Amount: | $59.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-1 notes
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| Amount: | $20 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class B-2 notes
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| Amount: | $21.3 million
|
| Securities: | Secured deferrable fixed-rate notes
|
| Coupon: | 5.06%
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
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| Amount: | $28.3 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 405 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
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| Amount: | $30 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 610 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $46.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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