By Cristal Cody
Tupelo, Miss., Nov. 29 – GSO/Blackstone Debt Funds Management LLC refinanced $154 million of notes due Oct. 20, 2029 from the 2016 vintage Burnham Park CLO Ltd./Burnham Park CLO LLC deal, according to a notice of executed second supplemental indenture on Thursday.
Burnham Park CLO priced $63.25 million of class B-R senior secured floating-rate notes at Libor plus 150 basis points, $39.05 million of class C-R secured deferrable floating-rate notes at Libor plus 215 bps, $30.25 million of class D-R secured deferrable floating-rate notes at Libor plus 285 bps and $21.45 million of class E-R secured deferrable floating-rate notes at Libor plus 540 bps.
Wells Fargo Securities, LLC was the refinancing placement agent.
In the original offering issued Oct. 26, 2016, the CLO priced $352 million of class A floating-rate notes at Libor plus 143 bps; $63.25 million of class B floating-rate notes at Libor plus 180 bps; $39.05 million of class C floating-rate notes at Libor plus 240 bps; $30.25 million of class D floating-rate notes at Libor plus 385 bps; $21.45 million of class E floating-rate notes at Libor plus 685 bps and $52.07 million of subordinated notes.
Proceeds were used to redeem the original notes.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
New York City-based GSO/Blackstone is a subsidiary of alternative asset manager GSO Capital Partners LP.
| Issuer: | Burnham Park CLO Ltd./Burnham Park CLO LLC
|
| Amount: | $154 million refinancing
|
| Maturity: | Oct. 20, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Wells Fargo Securities, LLC
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Settlement date: | Nov. 28
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class B-R notes
|
| Amount: | $63.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AAA expected
|
|
|
| Class C-R notes
|
| Amount: | $39.05 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $30.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
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| Amount: | $21.45 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 540 bps
|
| Rating: | Moody’s: Ba3
|
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