By Cristal Cody
Tupelo, Miss., Nov. 19 – GSO/Blackstone Debt Funds Management LLC priced $810.4 million of notes due Jan. 17, 2033 in a new collateralized loan obligation offering, according to a market source.
Beechwood Park CLO Ltd./Beechwood Park CLO LLC sold $512 million of class A floating-rate notes at Libor plus 133 basis points.
The deal also included $51.6 million of class B-1 floating-rate notes; $44.4 million of class B-2 floating-rate notes; $38 million of class C-1 floating-rate notes; $10 million of class C-2 fixed-rate notes; $40 million of class D floating-rate notes; $34.4 million of class E floating-rate notes and $80 million of subordinated notes.
Goldman Sachs & Co. LLC was the placement agent.
The CLO has a two-year non-call period and a 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: | Beechwood Park CLO Ltd./Beechwood Park CLO LLC
|
| Amount: | $810.4 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Maturity: | Jan. 17, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Nov. 7
|
| Settlement date: | Dec. 12
|
|
|
| Class A notes
|
| Amount: | $512 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 133 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $51.6 million
|
| Securities: | Floating-rate notes
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $44.4 million
|
| Securities: | Floating-rate notes
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $38 million
|
| Securities: | Deferrable floating-rate notes
|
| Rating: | S&P: A
|
|
|
| Class C-2 notes
|
| Amount: | $10 million
|
| Securities: | Deferrable fixed-rate notes
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $40 million
|
| Securities: | Deferrable floating-rate notes
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $34.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $80 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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