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GSO/Blackstone Debt Funds Management markets $717.4 million Seneca Park CLO
By Cristal Cody
Tupelo, Miss., May 7 - GSO/Blackstone Debt Funds Management LLC plans to price $717.4 million of notes due 2026 in the Seneca Park CLO Ltd./Seneca Park CLO LLC offering later in the week, according to a market source on Wednesday.
The deal includes $429.75 million of class A floating-rate notes (Aaa//AAA); $64.5 million of class B-1 floating-rate notes (Aa2); $25 million of class B-2 fixed-rate notes (Aa2); $42 million of class C floating-rate notes (A2); $43.75 million of class D floating-rate notes (Baa3); $40.5 million of class E floating-rate notes (Ba3); $8 million of class F floating-rate notes (B2) and $63.9 million of subordinated notes.
Credit Suisse Securities (USA) LLC is the placement agent.
GSO/Blackstone Debt Funds Management will manage the CLO, which is backed primarily by first-lien senior secured loans.
The CLO has a two-year non-call period and a four-year reinvestment period.
Proceeds from the deal will be used to purchase a $700 million portfolio of primarily senior secured leveraged loans.
GSO/Blackstone was last in the market on April 3 when it priced the $510.32 million Pinnacle Park CLO Ltd./Pinnacle Park CLO LLC transaction.
The firm priced two U.S. CLO deals in 2013, the $413.35 million Keuka Park CLO, Ltd./Keuka Park CLO, LLC offering and the $515.95 million Tryon Park CLO, Ltd./Tryon Park CLO Corp. transaction.
GSO/Blackstone is a New York City-based subsidiary of alternative asset manager GSO Capital Partners LP.
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