New York, Dec. 14 – GSO/Blackstone Debt Funds Management LLC repriced and upsized the Stewart Park CLO Ltd./Stewart Park CLO LLC collateralized loan obligation transaction, according to preliminary terms.
The repricing increased the CLO to $881.28 million from its original size of $660.84 million, extends the maturity to Jan. 15, 2030 from April 15, 2026, lowers the interest rates and rearranges the tranches.
The deal now has $7.5 million of class X senior secured floating-rate notes (Aaa/AAA/) at Libor plus 60 basis points, $454.13 million of class A-1-R senior secured floating-rate notes (Aaa/AAA/) at Libor plus 107 basis points, $47 million of class A-2-R senior secured floating-rate notes (Aaa) at Libor plus 125 basis points, $54 million of class B senior secured floating-rate notes (Aa1) at Libor plus 137 bps, $57.25 million of class C secured deferrable floating-rate notes (A2) at Libor plus 180 bps, $44.5 million of class D secured deferrable floating-rate notes (Baa3) at Libor plus 260 bps, $33 million of class E secured deferrable floating-rate notes (Ba3) at Libor plus 528 bps and $183.9 million of subordinated notes.
The original CLO was priced on April 17, 2015 and included $393.25 million of class A senior secured floating-rate notes (Aaa/AAA/) at Libor plus 143 basis points at par, $80.7 million of class B senior secured floating-rate notes (Aa1) at Libor plus 200 bps at par, $56.88 million of class C secured deferrable floating-rate notes (A2) at Libor plus 290 bps at par, $35.75 million of class D secured deferrable floating-rate notes (Baa3) at Libor plus 345 bps at 96.95, $33 million of class E secured deferrable floating-rate notes (Ba3) at Libor plus 545 bps at 94 and $61.26 million of subordinated notes.
Wells Fargo Securities LLC was the placement agent for the repricing.
GSO/Blackstone is the CLO manager.
The CLO is non-callable until Jan. 15, 2020, extended from May 7, 2017.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
GSO/Blackstone is a New York City-based subsidiary of alternative asset manager GSO Capital Partners LP.
| Issuer: | Stewart Park CLO Ltd./Stewart Park CLO LLC
|
| Amount: | $881,275,000
|
| Maturity: | Jan. 15, 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: | Jan. 15, 2020
|
| Pricing date: | Dec. 13
|
| Settlement date: | Jan. 16, 2018
|
|
|
| Class X notes
|
| Amount: | $7.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 60 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-1-R notes
|
| Amount: | $454,125,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 107 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $47 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Ratings: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $54 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 137 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $57.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $44.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $33 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 528 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $183.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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