By Cristal Cody
Tupelo, Miss., Nov. 5 - GSO/Blackstone Debt Funds Management, LLC sold $413.35 million of notes due 2024 in the Keuka Park CLO, Ltd./Keuka Park CLO, LLC offering on Tuesday, according to an informed source.
The CLO priced $246 million of class A senior secured floating-rate notes (Aaa/AAA/) at par to yield a spread of Libor plus 145 basis points; $10 million of class B-1 senior secured floating-rate notes (Aa2//) at 98.98469 to yield Libor plus 170 bps and $36 million of 4.018% class B-2 senior secured fixed-rate notes (Aa2//) at 99.03429 at the top of the capital structure.
In the rest of the structure, the CLO sold $33 million of class C secured deferrable floating-rate notes (A2//) at 96.98711 to yield Libor plus 255 bps; $22 million of class D secured deferrable floating-rate notes (Baa3//) at 93.77236 to yield Libor plus 320 bps; $22.5 million of class E secured deferrable floating-rate notes (Ba3//) at 89.78442 to yield Libor plus 450 bps and $7 million of class F secured deferrable floating-rate notes (B2//) at 86.06173 to yield Libor plus 495 bps.
The deal also included $36.85 million of subordinated notes in the equity tranche.
Wells Fargo Securities LLC arranged the transaction.
The CLO has a two-year non-call period and a four-year reinvestment period.
GSO/Blackstone will manage the CLO, which is backed by broadly syndicated senior secured loans to corporate borrowers.
The New York-based asset management firm is an affiliate of Blackstone Group LP.
| Issuer: | Keuka Park CLO, Ltd./Keuka Park CLO, LLC
|
| Amount: | $413,349,000
|
| Maturity: | 2024
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | GSO/Blackstone Debt Funds Management, LLC
|
| Call feature: | 2015
|
| Pricing date: | Nov. 5
|
| Settlement date: | Nov. 26
|
|
|
| Class A notes
|
| Amount: | $246 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Price: | Par
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $10 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Price: | 98.98469
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $36 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.018%
|
| Price: | 99.03429
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $33 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Price: | 96.98711
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Price: | 93.77236
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | $22.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Price: | 89.78442
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
|
| Amount: | $7 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 495 bps
|
| Price: | 86.06173
|
| Rating: | Moody's: B2
|
|
|
| Equity tranche
|
| Amount: | $36,849,0000
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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