By Cristal Cody
Tupelo, Miss., Oct. 9 – Blackstone/GSO Debt Funds Management Europe Ltd. priced €517 million of notes due Oct. 18, 2027 in a private placement collateralized loan obligation offering, according to a market source.
Sorrento Park CLO Ltd. sold €290 million of the class A-1A senior secured floating-rate notes at Euribor plus 125 basis points, €5 million of 1.85% class A-1B senior secured fixed-rate notes, €28.75 million of class A-2A senior secured floating-rate notes at Euribor plus 200 bps and €30 million of 2.71% class A-2B senior secured fixed-rate notes.
The CLO brought €30 million of class B senior secured deferrable floating-rate notes at Euribor plus 255 bps; €28.75 million of class C senior secured deferrable floating-rate notes at Euribor plus 340 bps; €30 million of class D senior secured deferrable floating-rate notes at Euribor plus 490 bps; €17.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 625 bps and €57 million of subordinated notes.
Barclays Bank plc arranged the transaction.
Blackstone/GSO will manage the CLO, which is secured primarily by secured senior obligations.
Proceeds from the offering will be used to purchase a €500 portfolio comprised mostly of European leveraged loans and bonds.
Blackstone/GSO Debt Funds Management previously priced the €513,625,000 Holland Park CLO Ltd. transaction on April 3 and the €413.25 million Phoenix Park CLO Ltd. deal on June 27.
The subsidiary of asset manager GSO Capital Partners LP brought three European CLO deals in 2013.
| Issuer: | Sorrento Park CLO Ltd.
|
| Amount: | €517 million
|
| Maturity: | Oct. 18, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays Bank plc
|
| Manager: | Blackstone/GSO Debt Funds Management Europe Ltd.
|
| Pricing date: | Sept. 23
|
| Settlement date: | Oct. 17
|
| Distribution: | Private placement
|
|
|
| Class A-1A notes
|
| Amount: | €290 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 125 bps
|
| Price: | 99.75
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | €5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.85%
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | €28.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class A-2B notes
|
| Amount: | €30 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.71%
|
| Price: | Par
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B notes
|
| Amount: | €30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 255 bps
|
| Price: | 99.07
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C notes
|
| Amount: | €28.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 340 bps
|
| Price: | 99.38
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class D notes
|
| Amount: | €30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 490 bps
|
| Price: | 93.97
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class E notes
|
| Amount: | €17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 625 bps
|
| Price: | 93.15
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity tranche
|
| Amount: | €57 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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