By Cristal Cody
Tupelo, Miss., March 20 – GSO/Blackstone Debt Funds Management LLC priced $502.05 million of notes due Jan. 18, 2031 in a new collateralized loan obligation offering, according to a market source on Wednesday.
Buckthorn Park CLO Ltd./Buckthorn Park CLO LLC sold $288.25 million of class A-1 floating-rate notes at Libor plus 131 basis points; $36.75 million of class A-2 floating-rate notes at Libor plus 160 bps; $27.5 million of class B-1 floating-rate notes at Libor plus 175 bps; $25 million of 4.405% class B-2 fixed-rate notes; $28.75 million of class C floating-rate notes at Libor plus 255 bps; $30 million of class D floating-rate notes at Libor plus 375 bps; $17.5 million of class E floating-rate notes at Libor plus 710 bps and $48.3 million of subordinated notes.
Barclays was the placement agent.
The CLO has a two-year non-call period and five-year reinvestment period.
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: | Buckthorn Park CLO Ltd./Buckthorn Park CLO LLC
|
| Amount: | $502.05 million
|
| Maturity: | Jan. 18, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Feb. 8
|
| Settlement date: | March 20
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $288.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 131 bps
|
| Ratings: | S&P: AAA expected
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $36.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | S&P: AAA expected
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $27.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA expected
|
|
|
| Class B-2 notes
|
| Amount: | $25 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.405%
|
| Rating: | S&P: AA expected
|
|
|
| Class C notes
|
| Amount: | $28.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Rating: | S&P: A expected
|
|
|
| Class D notes
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| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | S&P: BBB- expected
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 710 bps
|
| Rating: | S&P: BB- expected
|
|
|
| Equity
|
| Amount: | $48.3 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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