GSO/Blackstone offers $451 million minimum refinancing of notes from Bristol Park CLO

By Cristal Cody

Tupelo, Miss., Jan. 30 – GSO/Blackstone Debt Funds Management LLC plans to price at least $451 million of notes in a refinancing of the 2016 vintage Bristol Park CLO Ltd./Bristol Park CLO LLC transaction, according to a notice of proposed first supplemental indenture on Wednesday.

The deal includes $357.5 million of class A-R senior secured floating-rate notes (expected rating: Aaa), $60.5 million of class B-R senior secured floating-rate notes (expected rating: Aa2) and $33 million of class C-R secured deferrable floating-rate notes (expected rating: A2).

The refinancing also will include class D-R secured deferrable floating-rate notes (expected rating: Baa3) and class E-R secured deferrable floating-rate notes (expected rating: Ba3).

BNP Paribas Securities Corp. is the refinancing placement agent.

GSO/Blackstone will continue to manage the CLO.

The notes are due April 15, 2029.

In the original $562.18 million deal issued on Dec. 8, 2016, the CLO sold $357.5 million of class A senior secured floating-rate notes at Libor plus 142 basis points; $60.5 million of class B senior secured floating-rate notes at Libor plus 190 bps; $33 million of class C secured deferrable floating-rate notes at Libor plus 260 bps; $33 million of class D secured deferrable floating-rate notes at Libor plus 410 bps; $23.38 million of class E secured deferrable floating-rate notes at Libor plus 725 bps and $54.8 million of subordinated notes.

Proceeds from the refinancing will be used to redeem the original notes.

The CLO 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.

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