GSO/Blackstone resets $510.4 million CLO; CVC refinances; Barings eyes second euro deal

By Cristal Cody

Tupelo, Miss., July 20 – U.S. CLO refinancing action remains busy in July as market sources predicted for the month.

GSO/Blackstone Debt Funds Management LLC sold $510.4 million of notes in a refinancing and reset of a 2016 vintage CLO deal that closed on Friday.

CVC Credit Partners, LLC affiliate CVC Credit Partners U.S. CLO Management LLC refinanced $470 million of notes from a 2015 vintage CLO.

U.S. CLO refinancing supply year to date totals more than $65 billion, according to market sources.

In new deal activity, Barings (UK) Ltd. plans to tap the European primary market for a second time this year with a €406.5 million CLO.

More than €15 billion of new issue European CLOs have priced year to date, according to market sources.

GSO/Blackstone reprices

GSO/Blackstone Debt Funds Management sold $510.4 million of notes in a refinancing and reset of the Webster Park CLO Ltd./Webster Park CLO LLC offering that closed on Friday, according to a market source and a notice of executed first supplemental indenture.

Webster Park CLO priced $300 million of class A-1a-R senior secured floating-rate notes at Libor plus 102 basis points in the senior tranche.

Citigroup Global Markets Inc. arranged the transaction.

The maturity on the notes was revised to July 20, 2030 from the original Jan. 20, 2027 maturity.

In the original $506.5 million transaction issued Jan. 20, 2016, the CLO priced $300.8 million of the class A-1 senior secured floating-rate notes at Libor plus 150 bps.

GSO/Blackstone is a New York City-based subsidiary of alternative asset manager GSO Capital Partners LP.

CVC refinances Apidos CLO

CVC Credit Partners U.S. CLO Management priced $470 million of notes due July 18, 2027 in a refinancing of a 2015 vintage CLO that closed this week, according to a market source and a notice of executed supplemental indenture.

Apidos CLO XXI/Apidos CLO XXI LLC priced $315 million of class A-1-R senior floating-rate notes at Libor plus 93 bps at the top of the capital structure.

Morgan Stanley & Co. LLC was the refinancing placement agent.

The original $512.9 million CLO was issued June 18, 2015. The CLO had priced $315 million of class A-1 floating-rate notes at Libor plus 143 bps.

CVC Credit Partners, a New York City-based subsidiary of London-based CVC Capital Partners Ltd., priced two new CLOs and refinanced four vintage CLOs in 2017.

Barings offers €406.5 million

Barings (UK) is in the deal pipeline with €406.5 million of notes due Oct. 15, 2031 in the Barings Euro CLO 2018-2 BV transaction, according to a market source.

The offering includes €229 million of class A-1A floating-rate notes (Aaa//AAA), €5 million of class A-1B floating-rate notes (Aaa//AAA), €14 million of class A-2 floating-rate notes (Aa2//AAA); €8 million of class B-1A floating-rate notes (Aa2//AA); €10 million of class B-1B floating-rate notes (Aa2//AA) and €15 million of class B-2 floating-rate notes (Aa2//AA) in the senior secured tranches.

In the senior secured deferrable tranches, the CLO plans to price €13.3 million of class C-1 floating-rate notes (A2//A); €15 million of class C-2 floating-rate notes (A2//A); €18 million of class D floating-rate notes (Baa2//BBB); €30 million of class E floating-rate notes (Ba2//BB); €12.5 million of class F floating-rate notes (B2//B-) and €36.7 million of subordinated notes.

Morgan Stanley & Co. International plc is the placement agent.

Barings has priced one euro-denominated CLO year to date.

The credit fund management firm is based in London.

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