By Cristal Cody
Eureka Springs, Ark., Oct. 11– Blackstone/GSO Debt Funds Management Europe Ltd. sold €415.1 million of notes due Nov. 15, 2029 in a new euro-denominated collateralized loan obligation transaction, according to a market source.
Clarinda Park CLO DAC priced €239 million of class A-1 senior secured floating-rate notes (Aaa/AAA) at Euribor plus 115 basis points; €52 million of class A-2 senior secured floating-rate notes (Aa2/AA/) at Euribor plus 175 bps; €21 million of class B senior secured deferrable floating-rate notes (A2/A/) at Euribor plus 270 bps; €22 million of class C senior secured deferrable floating-rate notes (Baa2/BBB/) at Euribor plus 370 bps; €25 million of class D senior secured deferrable floating-rate notes (Ba2/BB/) at Euribor plus 635 bps; €11 million of class E senior secured deferrable floating-rate notes (B2/B-/) at Euribor plus 810 bps and €45.1 million of subordinated notes.
Citigroup Global Markets Ltd. arranged the offering.
The CLO is managed by Blackstone/GSO Debt Funds Management Europe.
The offering has a two-year non-call period and a four-year reinvestment period.
The deal is backed primarily by euro-denominated secured senior loans.
Blackstone/GSO has brought three euro-denominated CLO transactions to market year to date.
The Dublin-based manager is an affiliate of Blackstone Group LP.
| Issuer: | Clarinda Park CLO DAC
|
| Amount: | €415.1 million
|
| Maturity: | Nov. 15, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Manager: | Blackstone/GSO Debt Funds Management Europe Ltd.
|
| Call feature: | Two years
|
| Pricing date: | Sept. 30
|
| Settlement date: | Nov. 15
|
|
|
|
|
| Class A-1 notes
|
| Amount: | €239 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 115 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €52 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 175 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class B notes
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| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 270 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class C notes
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| Amount: | €22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 370 bps
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class D notes
|
| Amount: | €25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 635 bps
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
|
|
| Class E notes
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| Amount: | €11 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 810 bps
|
| Ratings: | Moody’s: B2
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | €45.1 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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