GSO/Blackstone refinances; Voya preps $569 million CLO; middle-market activity continues pace

By Cristal Cody

Tupelo, Miss., June 23 – GSO/Blackstone Debt Funds Management LLC has joined the growing number of managers to refinance vintage deals this year with a refinancing of a 2012 offering.

GSO/Blackstone Debt Funds Management LLC refinanced $507 million of notes and placed the AAA-rated tranche at Libor plus 128 basis points.

CLO managers have refinanced 19 vintage U.S. CLOs totaling $7.5 billion year to date, according to J.P. Morgan Securities LLC.

Coming up in the deal pipeline, Voya Alternative Asset Management LLC plans to price a $569 million CLO.

Looking at the CLO middle-market space, competition in the middle-market lending space likely will increase with new market participants, according to a report from Wells Fargo Securities, LLC senior analyst Dave Preston and associate analyst Mackenzie Miller.

Ares Capital Corp. announced a new middle-market lending partnership with Varagon Capital Partners in the previous week. The companies plan a joint venture called the Senior Direct Lending Program that will make senior secured loans to middle-market companies.

Six middle-market CLO managers have priced $3 billion of deals year to date, according to the Wells Fargo report.

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