GSO/Blackstone closes on $502.05 million CLO; high-grade issues improve in secondary

By Cristal Cody

Tupelo, Miss., March 20 – GSO/Blackstone Debt Funds Management LLC closed on a new $502.05 million CLO offering.

More than $20 billion of CLOs have priced year to date, according to market sources.

Meanwhile, the securitized secondary market has been active so far this week.

On Tuesday, $410.87 million of investment-grade CBO/CDO/CLO securities were traded, along with $122.09 million of lower-rated issues, according to Trace data.

The average trading price on the high-grade securities was 99, while the average trading price on lower-rated issues was 78.8.

On Monday, $274.97 million of investment-grade CBO/CDO/CLO securities and $92.46 million of lower-rated issues traded.

The average high-grade trading price at the start of the week was 98.8, and the average trading price on non-high-grade issues was 80.2, according to Trace data.

In its deal, GSO/Blackstone Debt Funds Management 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 and $36.75 million of class A-2 floating-rate notes at Libor plus 160 bps in the AAA-rated tranches.

Barclays was the placement agent.

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