By Cristal Cody
Tupelo, Miss., April 21 – GSO/Blackstone Debt Funds Management LLC refinanced $561.25 million of notes due July 17, 2026 in the vintage 2014 Seneca Park CLO, Ltd./Seneca Park CLO, LLC transaction, according to a market source.
The CLO sold $429.75 million of class A-R senior secured floating-rate notes at par to yield Libor plus 112 basis points; $64.5 million of class B-1-R senior secured floating-rate notes at par to yield Libor plus 150 bps; $25 million of 3.53% class B-2-R senior secured fixed-rate notes at par and $42 million of class C-R secured deferrable floating-rate notes at par to yield Libor plus 215 bps.
Credit Suisse Securities (USA) LLC was the refinancing agent.
GSO/Blackstone will continue to manage the CLO.
In the original CLO offering brought to market on May 9, 2014, the CLO priced $429.75 million of class A senior secured floating-rate notes at Libor plus 148 bps, $64.5 million of class B-1 senior secured floating-rate notes at Libor plus 195 bps, $25 million of 4.35% class B-2 senior secured fixed-rate notes, $42 million of class C secured deferrable floating-rate notes at Libor plus 290 bps, $43.75 million of class D secured deferrable floating-rate notes at Libor plus 350 bps, $40.5 million of class E secured deferrable floating-rate notes at Libor plus 470 bps, $8 million of class F secured deferrable floating-rate notes at Libor plus 550 bps and $63.9 million of subordinated notes in the equity tranche.
Proceeds from the refinancing were used to redeem the original class A, B-1, B-2 and C notes.
The CLO is collateralized primarily by broadly syndicated senior secured corporate loans.
The CLO manager priced five new U.S. CLOs and refinanced one vintage CLO in 2016.
The New York City-based firm is a subsidiary of alternative asset manager GSO Capital Partners LP.
| Issuer: | Seneca Park CLO, Ltd./Seneca Park CLO, LLC
|
| Amount: | $561.25 million refinancing
|
| Maturity: | July 17, 2026
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Pricing date: | March 29
|
| Settlement date: | April 17
|
|
|
| Class A-R notes
|
| Amount: | $429.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | $64.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-2-R notes
|
| Amount: | $25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.53%
|
| Price: | Par
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C-R notes
|
| Amount: | $42 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2
|
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