By Cristal Cody
Tupelo, Miss., July 20 – GSO/Blackstone Debt Funds Management LLC sold $510.4 million of notes in a refinancing and reset of a 2016 vintage collateralized loan obligation offering that closed on Friday, according to a market source and a notice of executed first supplemental indenture.
Webster Park CLO Ltd./Webster Park CLO LLC priced $300 million of class A-1a-R senior secured floating-rate notes at Libor plus 102 basis points, $20 million of class A-1b-R senior secured floating-rate notes at Libor plus 135 bps and $62.5 million of class A-2-R senior secured floating-rate notes at Libor plus 160 bps.
The CLO sold $27 million of class B-R secured deferrable floating-rate notes at Libor plus 180 bps, $29.5 million of class C-R secured deferrable floating-rate notes at Libor plus 290 bps, $19.5 million of class D-R secured deferrable floating-rate notes at Libor plus 550 bps, $5 million of class E-R floating-rate notes at Libor plus 775 bps and $46.9 million of subordinated notes.
Citigroup Global Markets Inc. arranged the transaction.
GSO/Blackstone will continue to manage the CLO.
The maturity on the notes was revised to July 20, 2030 from the original Jan. 20, 2027 maturity.
The CLO has an extended two-year non-call period and five-year reinvestment period.
In the original $506.5 million transaction issued Jan. 20, 2016, the CLO priced $300.8 million of class A-1 senior secured floating-rate notes at Libor plus 150 bps, $59.2 million of class A-2 senior secured floating-rate notes at Libor plus 225 bps, $20 million of class B-1 secured deferrable floating-rate notes at Libor plus 310 bps and $21.3 million of 5.06% class B-2 secured deferrable fixed-rate notes.
Webster Park CLO also had priced $28.3 million of class C secured deferrable floating-rate notes at Libor plus 405 bps, $30 million of class D secured deferrable floating-rate notes at Libor plus 610 bps and $46.9 million of subordinated notes.
Proceeds will be used to redeem the original notes.
The deal is backed primarily by broadly syndicated first lien senior secured corporate loans.
GSO/Blackstone is a New York City-based subsidiary of alternative asset manager GSO Capital Partners LP.
| Issuer: | Webster Park CLO Ltd./Webster Park CLO LLC
|
| Amount: | $510.4 million refinancing
|
| Maturity: | July 20, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | July 20, 2020
|
| Settlement date: | July 20
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1a-R notes
|
| Amount: | $300 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 102 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-1b-R notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $62.5 million
|
| Securities: | Secured senior floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $27 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Ratings: | S&P: A
|
|
|
| Class C-R notes
|
| Amount: | $29.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class D-R notes
|
| Amount: | $19.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Ratings: | S&P: BB-
|
|
|
| Class E-R notes
|
| Amount: | $5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 775 bps
|
| Ratings: | S&P: B-
|
|
|
| Equity
|
| Amount: | $46.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
|
|
|
|
© 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.
