By Cristal Cody
Tupelo, Miss., March 3 – GSO/Blackstone Debt Funds Management LLC priced $611.37 million of notes due April 20, 2030 in the Grippen Park CLO Ltd./Grippen Park CLO LLC transaction, according to a market source on Friday.
The CLO sold $384 million of class A senior secured floating-rate notes (Aaa//AAA) at par to yield Libor plus 126 basis points; $66 million of class B senior secured floating-rate notes (Aa2) at par to yield Libor plus 165 bps; $37.8 million of class C secured deferrable floating-rate notes (A2) at par to yield Libor plus 230 bps; $37.8 million of class D secured deferrable floating-rate notes (Baa3) at 98.9 with a coupon of Libor plus 330 bps; $26.4 million of class E secured deferrable floating-rate notes (Ba3) at 96.7 with a coupon of Libor plus 570 bps and $59.37 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 $600 million portfolio of mostly senior secured leveraged loans.
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: | Grippen Park CLO Ltd./Grippen Park CLO LLC
|
| Amount: | $611.37 million
|
| Maturity: | April 20, 2030
|
| 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
|
| Pricing date: | Feb. 22
|
| Settlement date: | March 15
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $384 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 126 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $66 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $37.8 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $37.8 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Price: | 98.9
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $26.4 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 570 bps
|
| Price: | 96.7
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $59.37 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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