By Cristal Cody
Tupelo, Miss., March 13 – GSO/Blackstone Debt Funds Management LLC priced $1,025,000,000 of notes due April 17, 2031 in the new Cook Park CLO, Ltd./Cook Park CLO, LLC transaction, according to a market source.
The CLO sold $595 million of class A-1 senior secured floating-rate notes at Libor plus 92 basis points, $60 million of class A-2 floating-rate notes at Libor plus 107 bps and $90 million of class B senior secured floating-rate notes at Libor plus 140 bps.
Cook Park CLO also priced $74 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 175 bps; $61 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 260 bps; $38 million of class E junior secured deferrable floating-rate notes at Libor plus 540 bps and $107 million of subordinated notes.
Morgan Stanley & Co. 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.
Cook Park CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
New York City-based investment management firm GSO/Blackstone is a subsidiary of the Blackstone Group, LP.
| Issuer: | Cook Park CLO, Ltd./Cook Park CLO, LLC
|
| Amount: | $1,025,000,000
|
| Maturity: | April 17, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | Two years
|
| Pricing date: | March 9
|
| Settlement date: | April 17
|
|
|
| Class A-1 notes
|
| Amount: | $595 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 92 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 107 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $90 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $74 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $61 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $38 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 540 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $107 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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