Chicago, June 28 – Blackstone Liquid Credit Strategies LLC sold $502.2 million in a collateralized loan obligation being issued by Milford Park CLO, Ltd., according to a new issue report and a press release.
The notes will mature on July 20, 2035.
The CLO consists of $272 million of class A-1 senior secured floating-rate notes at SOFR plus 144 basis points, $48 million of class A-2 4.19% senior secured fixed-rate notes, $55 million of class B senior secured floating-rate notes at SOFR plus 210 bps, $32.5 million of class C mezzanine secured deferrable floating-rate notes at SOFR plus 250 bps, $32.5 million of class D mezzanine secured deferrable floating-rate notes at SOFR plus 380 bps, $20 million of class E junior secured deferrable floating-rate notes at SOFR plus 700 bps, $1 million of class F junior secured deferrable floating-rate notes at SOFR plus 932 bps and $41.2 million of subordinated notes.
Blackstone Liquid Credit Strategies LLC will manage the collateral through the end of the 5.1-year reinvestment period.
Collateral for the notes consists of first-lien senior secured leveraged loans.
Citigroup Global Markets Inc. was the placement agent.
The New York City-based firm is a subsidiary of Blackstone Group LP.
| Issuer: | Milford Park CLO, Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $502.2 million
|
| Maturity: | July 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Blackstone Liquid Credit Strategies LLC
|
| Settlement date: | June 23
|
|
|
| Class A-1 notes
|
| Amount: | $272 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 144 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $48 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.19%
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $55 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $32.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $32.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 380 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 700 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | $1 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 932 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $41.2 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.
