By Rebecca Melvin
New York, Oct. 9 – GSO/Blackstone Debt Funds Management LLC has refinanced $515.92 million of notes due Oct. 20, 2027 in a U.S. collateralized loan obligation deal, according to a market source.
The original CLO priced in October 2016.
Jay Park CLO Ltd./Jay Park CLO LLC refinanced $307.2 million of class A-1 senior secured floating-rate notes (Aaa/AAA/) at Libor plus 108 basis points; $59.4 million of class A-2 senior secured floating-rate notes (Aa1//) at Libor plus 160 bps; $45.6 million of class B secured deferrable floating-rate notes (A2//) at Libor plus 205 bps; $29.4 million of class C secured deferrable floating-rate notes (Baa3//) at Libor plus 290 bps; $18.3 million of class D secured deferrable floating-rate notes (Ba3//) at Libor plus 560 bps; $7 million of class E deferrable secured notes at Libor plus 790 bps; and $49 million of subordinated notes.
Citigroup Global Markets Inc. is the CLO placement agent.
GSO/Blackstone is manager the CLO.
The CLO is non-callable until January 2020, which was extended from the original call date of Oct. 20, 2018. The reinvestment period ends July 20, 2021.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The New York City-based firm is a subsidiary of alternative asset manager GSO Capital Partners LP.
Issuer: | Jay Park CLO Ltd./Jay Park CLO LLC
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Amount: | $515.9 million
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Maturity: | Oct. 20, 2027
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Citigroup Global Markets Inc.
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Manager: | GSO/Blackstone Debt Funds Management LLC
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Call feature: | January 2020
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|
Class A-1 notes
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Amount: | $307.2 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 108 bps
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Ratings: | Moody’s: Aaa
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| Standard & Poor’s: AAA
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|
Class A-2 notes
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Amount: | $59.4 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 160 bps
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Rating: | Moody’s: Aa1
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|
Class B notes
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Amount: | $45.6 million
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Securities: | Secured deferrable floating-rate notes
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Coupon: | Libor plus 205 bps
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Rating: | Moody’s: A2
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|
Class C notes
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Amount: | $29.4 million
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Securities: | Secured deferrable floating-rate notes
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Coupon: | Libor plus 290 bps
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Rating: | Moody’s: Baa3
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Class D notes
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Amount: | $18.3 million
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Securities: | Secured deferrable floating-rate notes
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Coupon: | Libor plus 560 bps
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Rating: | Moody’s: Ba3
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|
Class E notes
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Amount: | $7 million
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Securities: | Secured deferrable floating-rate notes
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Coupon: | Libor plus 790 bps
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Rating: | Not rated
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|
Equity
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Amount: | $49 million
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Securities: | Subordinated notes
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Rating: | Non-rated
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