GSO/Blackstone taps U.S. CLO primary market; Blackstone/GSO prices €415.1 million CLO

By Cristal Cody

Eureka Springs, Ark., Oct. 11 – CLO deal volume remains active with new issuance in the U.S. and European primary markets, according to sources on Tuesday.

GSO/Blackstone Debt Funds Management LLC priced a $558.07 million U.S. CLO offering.

Also, Blackstone/GSO Debt Funds Management Europe Ltd. placed a €415.1 million deal.

CLO managers have priced more than $54 billion of U.S. CLOs and more than €11.5 billion of euro-denominated CLOs year to date, according to data from Prospect News.

GSO/Blackstone dollar CLO

GSO/Blackstone Debt Funds Management priced $558.07 million of notes due Oct. 20, 2029 in the Burnham Park CLO Ltd./Burnham Park CLO LLC deal, according to a market source.

Burnham Park CLO sold $352 million of class A floating-rate notes at Libor plus 143 basis points at the top of the capital stack.

Wells Fargo Securities, LLC was the placement agent.

The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.

Proceeds from the offering will be used to purchase a $550 million portfolio of mostly senior secured leveraged loans.

GSO/Blackstone has priced three U.S. CLO deals and refinanced one vintage CLO year to date.

The CLO manager priced six CLOs and refinanced one CLO in 2015.

The New York City-based firm is a subsidiary of alternative asset manager GSO Capital Partners LP.

Blackstone/GSO sells euro CLO

Blackstone/GSO Debt Funds Management Europe sold €415.1 million of notes due Nov. 15, 2029 in a new euro-denominated CLO 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 bps in the senior tranche.

Citigroup Global Markets Ltd. arranged the offering.

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.

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