By Cristal Cody
Tupelo, Miss., July 28 – GSO/Blackstone Debt Funds Management LLC sold $617.5 million of notes due July 20, 2026 in the firm’s fourth new U.S. collateralized loan obligation transaction of the year, according to a market source.
Cumberland Park CLO Ltd./Cumberland Park CLO LLC priced $362 million of class A senior secured floating-rate notes at Libor plus 141 basis points; $70.75 million of class B senior secured floating-rate notes at Libor plus 210 bps; $55.5 million of class C secured deferrable floating-rate notes at Libor plus 285 bps; $33.5 million of class D secured deferrable floating-rate notes at Libor plus 340 bps; $31.75 million of class E secured deferrable floating-rate notes at Libor plus 500 bps; $10.5 million of class F secured deferrable floating-rate notes at Libor plus 655 bps and $53.5 million of subordinated notes.
Credit Suisse Securities (USA) LLC arranged the deal.
GSO/Blackstone is the CLO manager.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
GSO/Blackstone has been in the primary market with four new U.S. CLO deals and one refinancing transaction this year to date.
The New York City-based subsidiary of alternative asset manager GSO Capital Partners LP brought five U.S. CLO deals in 2014.
| Issuer: | Cumberland Park CLO Ltd./Cumberland Park CLO LLC
|
| Amount: | $617.5 million
|
| Maturity: | July 20, 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | 2017
|
| Pricing date: | July 23
|
| Settlement date: | Aug. 19
|
|
|
| Class A notes
|
| Amount: | $362 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 141 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class B notes
|
| Amount: | $70.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $55.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $33.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $31.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F notes
|
| Amount: | $10.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 655 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | $53.5 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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