GSO to be in market with €410 million Herbert Park CLO; Symphony Asset to refinance CLO

By Cristal Cody

Tupelo, Miss., Aug. 5 - New CLO issuance is expected to pick up in early August, according to market sources.

In the European collateralized loan obligation market, GSO Capital Partners LP is expected to bring the €410 million Herbert Park CLO offering via Deutsche Bank Inc. over the coming week, a source said.

The deal will be Blackstone/GSO's second European CLO offering this year after it sold the €403.35 million Grand Harbour I BV deal in May.

Blackstone/GSO Debt Funds Management Europe Ltd., a unit of Blackstone Group LP, will manage the European arbitrage cash flow CLO.

Europe "still has a lot of deals out there," one market source said, noting there are "six or seven" announced offerings, none of which have priced yet.

Pramerica Investment Management Ltd. and 3i Debt Management both are reported to be eyeing the market for new issuance.

More than €1 billion of European CLOs are expected to price in the next couple of months, according to a market source.

Symphony to refinance CLO

In the U.S. CLO market, about $13 billion of issuance in 28 deals is coming up in the pipeline, according to a market source.

Looking ahead, Symphony Asset Management LLC plans to refinance a previously priced CLO, another informed source said.

BofA Merrill Lynch is the placement agent.

The San Francisco-based asset management firm manages about 10 CLOs, including the $827.5 million Symphony CLO XI Ltd. offering that closed in February.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.