Blackstone/GSO prices $392.79 million CLO; MacKay Shields settles euro CLO offering

By Cristal Cody

Tupelo, Miss., July 30 – Blackstone/GSO CLO Management LLC priced $392.79 million of notes due July 17, 2031 in a new broadly syndicated CLO offering.

The deal is the manager’s second new broadly syndicated CLO transaction of the year.

In other activity, MacKay Shields Europe Investment Management Ltd. closed Thursday on its previously reported €210.6 million MacKay Shields Euro CLO-2 DAC deal. The CLO placed the €124 million tranche of class A floating-rate notes at Euribor plus 155 basis points.

Deal volume is picking up in July with new dollar- and euro-denominated issuance, as well as the first refinancing transaction brought to the market since March.

About $42 billion of dollar-denominated CLOs and about €10 billion of euro-denominated CLOs have priced year to date, according to market sources.

Blackstone/GSO CLO Management priced $392.79 million of notes due July 17, 2031 in the Cayuga Park CLO Ltd./Cayuga Park CLO LLC deal, according to market sources.

The CLO sold $248 million of class A floating-rate notes at Libor plus 160 bps in the AAA-rated tranche.

BNP Paribas Securities Corp. was the placement agent.

The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.

The New York City-based firm is a subsidiary of the Blackstone Group.

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