By Cristal Cody
Eureka Springs, Ark., Oct. 11 – GSO/Blackstone Debt Funds Management LLC priced $558.07 million of notes due Oct. 20, 2029 in the Burnham Park CLO Ltd./Burnham Park CLO LLC deal, according to a market source.
Burnham Park CLO priced $352 million of class A floating-rate notes at Libor plus 143 basis points; $63.25 million of class B floating-rate notes at Libor plus 180 bps; $39.05 million of class C floating-rate notes at Libor plus 240 bps; $30.25 million of class D floating-rate notes at Libor plus 385 bps; $21.45 million of class E floating-rate notes at Libor plus 685 bps and $52.07 million of subordinated notes.
Wells Fargo Securities, LLC was the placement agent.
GSO/Blackstone will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds from the offering will be used to purchase a $550 million portfolio of mostly senior secured leveraged loans.
GSO/Blackstone has priced three U.S. CLO deals and refinanced one vintage CLO year to date.
The CLO manager priced six CLOs and refinanced one CLO in 2015.
The New York City-based firm is a subsidiary of alternative asset manager GSO Capital Partners LP.
| Issuer: | Burnham Park CLO Ltd./Burnham Park CLO LLC
|
| Amount: | $558.07 million
|
| Maturity: | Oct. 20, 2029
|
| 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: | Two years
|
| Settlement date: | Oct. 26
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $352 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 143 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $63.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $39.05 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $30.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $21.45 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 685 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $52.07 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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