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Blackstone/GSO sells €558.05 million CLO; OCP, Golub tap market; secondary spreads firm
By Cristal Cody
Eureka Springs, Ark., April 27 – CLO primary issuance continues to heat up with new deals priced in Europe and the U.S. markets, sources said on Wednesday.
Blackstone/GSO Debt Funds Management Europe Ltd. sold €558 million of notes in the Elm Park CLO Designated Activity Co. deal on Wednesday.
Deutsche Bank AG, London Branch is the placement agent. Final pricing details were not available by press time.
Onex Credit Partners, LLC priced $501.6 million of notes due May 15, 2028 in a new CLO offering. The OCP 2016-11 Ltd./OCP CLO 2016-11 Corp. vehicle sold $310 million of class A-1 floating-rate notes at a discount margin of Libor plus 159 basis points in the senior tranche.
In the U.S. middle-market space, GC Investment Management LLC placed a $354,288,000 deal. Golub Capital Partners CLO 31(M) Ltd./Golub Capital Partners CLO 31(M) LLC priced $192.5 million of class A floating-rate notes (AAA) at a discount margin of Libor plus 220 bps at the top of the capital structure.
In other new issuance, Zais Group LLC sold a $281 million static CLO, Zais CLO 4 Ltd./Zais CLO 4 LLC, via RBC Capital Markets LLC. Final deal details were not disclosed.
Also, Sound Point Capital Management LP priced the $513 million Sound Point CLO XI, Ltd./Sound Point CLO XI Inc. transaction via Credit Suisse Securities (USA) LLC.
New issue and secondary spreads continue to improve.
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