By Cristal Cody
Tupelo, Miss., Feb. 24 – GSO/Blackstone Debt Funds Management LLC refinanced $493 million of notes due July 15, 2026 at par in the vintage 2014 Birchwood Park CLO Ltd./Birchwood Park CLO LLC transaction, according to a market source.
The CLO sold $375 million of class A-R floating-rate notes (Aaa//AAA) at Libor plus 118 basis points; $54.6 million of class B-1-R floating-rate notes (Aa2) at Libor plus 155 bps; $21 million of 3.46% class B-2-R fixed-rate notes (Aa2); $22.4 million of class C-1-R floating-rate notes (A2) at Libor plus 225 bps; $10 million of class C-2-R floating-rate notes (A2) at Libor plus 225 bps and $10 million of class D-R floating-rate notes (Baa3) at Libor plus 340 bps.
Wells Fargo Securities LLC was the refinancing agent.
GSO/Blackstone will manage the CLO.
GSO/Blackstone priced five new U.S. CLOs and refinanced one vintage CLO in 2016.
The New York City-based firm is a subsidiary of alternative asset manager GSO Capital Partners LP.
| Issuer: | Birchwood Park CLO Ltd./Birchwood Park CLO LLC
|
| Amount: | $493 million refinancing
|
| Maturity: | July 15, 2026
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Pricing date: | Feb. 15
|
|
|
| Class A-R notes
|
| Amount: | $375 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B-1-R notes
|
| Amount: | $54.6 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-2-R notes
|
| Amount: | $21 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.46%
|
| Price: | Par
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-1-R notes
|
| Amount: | $22.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C-2-R notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D-R notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Price: | Par
|
| Rating: | Moody’s: Baa3 expected
|
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