Chicago, May 26 – Blackstone Liquid Credit Strategies LLC sold $457.25 million in a broadly syndicated collateralized loan obligation issued by Basswood Park CLO Ltd./Basswood Park CLO LLC, according to a pre-sale report.
The portfolio matures April 20, 2034.
The notes in the portfolio are the $282.375 million of class A senior secured floating-rate notes at Libor plus 100 basis points, $59.625 million of class B senior secured floating-rate notes at Libor plus 140 bps, $27 million of class C senior secured deferrable floating-rate notes at Libor plus 165 bps, $27 million of class D senior secured deferrable floating-rate notes at Libor plus 265 bps and $16.65 million of class E senior secured deferrable floating-rate notes at Libor plus 615 bps.
Additionally, there are $44.6 million of subordinated notes.
The notes can be called after April 20, 2023.
Blackstone Liquid Credit will manage the collateral, a portfolio primarily made of broadly syndicated speculative-grade senior secured term loans.
The reinvestment period ends April 20, 2026.
Citigroup Global Markets Inc. is the initial purchaser.
The New York City-based firm is a subsidiary of Blackstone Group LP.
| Issuers: | Basswood Park CLO Ltd./Basswood Park CLO LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $457.25 million
|
| Maturity: | April 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Blackstone Liquid Credit Strategies LLC
|
| Call feature: | April 20, 2023
|
| Settlement date: | April 29
|
|
|
| Class A notes
|
| Amount: | $282.375 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $59.625 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16.65 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 615 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $44.6 million
|
| Securities: | Subordinated notes
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
