By Cristal Cody
Tupelo, Miss., April 24 – GSO/Blackstone Debt Funds Management LLC priced $514.6 million of notes due April 20, 2029 in the new Thayer Park CLO, Ltd./Thayer Park CLO, LLC transaction, according to a market source on Monday.
The CLO sold $302.5 million of class A-1 senior secured floating-rate notes at Libor plus 118 basis points; $64.5 million of class A-2 senior secured floating-rate notes at Libor plus 160 bps; $39.5 million of class B secured deferrable floating-rate notes at Libor plus 235 bps; $28.75 million of class C secured deferrable floating-rate notes at Libor plus 370 bps; $24.75 million of class D secured deferrable floating-rate notes at Libor plus 630 bps and $54.6 million of subordinated notes.
BNP Paribas Securities Corp. arranged the offering.
GSO/Blackstone will manage the CLO.
The CLO is collateralized primarily by broadly syndicated first-lien senior secured corporate 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 Blackstone Group LP.
Issuer: | Thayer Park CLO, Ltd./Thayer Park CLO, LLC
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Amount: | $514.6 million
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Maturity: | April 20, 2029
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | BNP Paribas Securities Corp.
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Manager: | GSO/Blackstone Debt Funds Management LLC
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Pricing date: | April 20
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Settlement date: | May 16
|
|
Class A-1 notes
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Amount: | $302.5 million
|
Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 118 bps
|
Ratings: | Moody’s: Aaa
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| S&P: AAA
|
|
Class A-2 notes
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Amount: | $64.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 160 bps
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Rating: | Moody’s: Aa2
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|
Class B notes
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Amount: | $39.5 million
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Securities: | Secured deferrable floating-rate notes
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Coupon: | Libor plus 235 bps
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Rating: | Moody’s: Aa2
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|
Class C notes
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Amount: | $28.75 million
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Securities: | Secured deferrable floating-rate notes
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Coupon: | Libor plus 370 bps
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Rating: | Moody’s: A2
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|
Class D notes
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Amount: | $24.75 million
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Securities: | Secured deferrable floating-rate notes
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Coupon: | Libor plus 630 bps
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Rating: | Moody’s: A2
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|
Equity
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Amount: | $54.6 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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