Chicago, Nov. 15 – Blackstone CLO Management LLC sold $538.7 million in a collateralized loan obligation being issued by Valley Stream Park CLO Ltd./Valley Stream Park CLO LLC, according to a new issue report.
The notes will mature on Oct. 20, 2034.
The CLO consists of $346.5 million of class A senior secured floating-rate notes at SOFR plus 240 basis points, $62.15 million of class B senior secured floating-rate notes at SOFR plus 320 bps, $34.375 million of class C senior secured deferrable floating-rate notes at SOFR plus 400 bps, $32.725 million of class D senior secured deferrable floating-rate notes at SOFR plus 571 bps, $5.5 million of class E-1 senior secured deferrable floating-rate notes at SOFR plus 838 bps, $11.55 million of class E-2 senior secured deferrable floating-rate notes at SOFR plus 700 bps and $45.9 million of subordinated notes.
Blackstone CLO Management LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2025.
Collateral for the notes consists of first-lien loans, senior secured bonds, cash and eligible investments.
The notes can be called starting Oct. 20, 2023.
BNP Paribas Securities Corp. was the placement agent.
The New York City-based firm is a subsidiary of Blackstone Group LP.
| Issuer: | Valley Stream Park CLO Ltd./Valley Stream Park CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $538.7 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Blackstone CLO Management LLC
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | Nov. 14
|
|
|
| Class A notes
|
| Amount: | $346.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
|
|
| Class B notes
|
| Amount: | $62.15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 320 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $34.375 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 400 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $32.725 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 571 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-1 notes
|
| Amount: | $5.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 838 bps
|
| Rating: | S&P: BB+
|
|
|
| Class E-2 notes
|
| Amount: | $11.55 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 700 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $45.9 million
|
| Securities: | Subordinated notes
|
|
|
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