By Cristal Cody
Tupelo, Miss., April 18 – Blackstone/GSO Debt Funds Management Europe Ltd. priced €359 million of notes due Nov. 15, 2029 in a refinancing of a vintage 2016 euro-denominated collateralized loan obligation transaction, according to a market source and notices to noteholders.
Clarinda Park CLO DAC priced €239 million of class A-1-R senior secured floating-rate notes at Euribor plus 90 basis points; €52 million of class A-2-R senior secured floating-rate notes at Euribor plus 160 bps; €21 million of class B-R senior secured deferrable floating-rate notes at Euribor plus 255 bps; €22 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 340 bps and €25 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 620 bps.
Merrill Lynch International was the refinancing placement agent.
The CLO is managed by Blackstone/GSO Debt Funds Management Europe.
The original CLO was issued Nov. 15, 2016 in a €415.1 million deal.
In that offering, the CLO priced €239 million of class A-1 senior secured floating-rate notes at Euribor plus 115 bps; €52 million of class A-2 senior secured floating-rate notes at Euribor plus 175 bps; €21 million of class B senior secured deferrable floating-rate notes at Euribor plus 270 bps; €22 million of class C senior secured deferrable floating-rate notes at Euribor plus 370 bps; €25 million of class D senior secured deferrable floating-rate notes at Euribor plus 635 bps; €11 million of class E senior secured deferrable floating-rate notes at Euribor plus 810 bps and €45.1 million of subordinated notes.
Proceeds will be used to redeem the outstanding notes on May 15.
The deal is backed primarily by euro-denominated secured senior loans and bonds.
Blackstone/GSO is a Dublin-based manager and affiliate of Blackstone Group LP.
| Issuer: | Clarinda Park CLO DAC
|
| Amount: | €359 million refinancing
|
| Maturity: | Nov. 15, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Merrill Lynch International
|
| Manager: | Blackstone/GSO Debt Funds Management Europe Ltd.
|
| Pricing date: | April 17
|
| Settlement date: | May 15
|
|
|
| Class A-1-R notes
|
| Amount: | €239 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 90 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | €52 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 270 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class C-R notes
|
| Amount: | €22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 340 bps
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class D-R notes
|
| Amount: | €25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 620 bps
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
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