By Cristal Cody
Tupelo, Miss., April 16 – GSO/Blackstone Debt Funds Management LLC sold $564 million of notes in a refinancing and reset of a vintage 2015 collateralized loan obligation transaction, according to a market source and a notice of changed pages to proposed first supplemental indenture on Friday.
Cumberland Park CLO Ltd./Cumberland Park CLO LLC priced $362 million of class A-R senior secured floating-rate notes at Libor plus 77.5 basis points; $70.75 million of class B-R senior secured floating-rate notes at Libor plus 140 bps; $55.5 million of class C-R secured deferrable floating-rate notes at Libor plus 180 bps; $33.5 million of class D-R secured deferrable floating-rate notes at Libor plus 270 bps; $31.75 million of class E-R secured deferrable floating-rate notes at Libor plus 565 bps and $10.5 million of class F-R secured deferrable floating-rate notes at Libor plus 705 bps.
Credit Suisse Securities (USA) LLC arranged the deal.
GSO/Blackstone will remain as the CLO manager.
The reset notes are due July 20, 2028. The original maturity was July 20, 2026.
The CLO is non-callable until April 2019 and has a two-year reinvestment period.
In the original $617.5 million Cumberland Park CLO offering issued Aug. 19, 2015, the CLO sold $362 million of class A senior secured floating-rate notes at Libor plus 141 bps.
The CLO also had priced $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.
Proceeds will be used to redeem the original notes. The equity tranche will remain outstanding.
New York City-based investment management firm GSO/Blackstone is a subsidiary of the Blackstone Group, LP.
| Issuer: | Cumberland Park CLO Ltd./Cumberland Park CLO LLC
|
| Amount: | $564 million refinancing
|
| Maturity: | July 20, 2028
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | April 2019
|
| Settlement date: | April 20
|
|
|
| Class A-R notes
|
| Amount: | $362 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 77.5 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $70.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody’s: Aa1
|
|
|
| Class C-R notes
|
| Amount: | $55.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D-R notes
|
| Amount: | $33.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E-R notes
|
| Amount: | $31.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 565 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class F-R notes
|
| Amount: | $10.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 705 bps
|
| Rating: | Moody’s: B3
|
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