Blackstone/GSO prices €414.5 million euro CLO; Midcap prices year’s first middle-market CLO

By Cristal Cody

Tupelo, Miss., Feb. 17 – Blackstone/GSO Debt Funds Management Europe Ltd. tapped the CLO primary market with a €414.5 million deal, the second new euro-denominated transaction of 2017.

In other reported issuance, Midcap Financial Services Capital Management LLC priced a debut $506.2 million middle-market CLO, the first middle-market deal of the year.

Two new euro-denominated CLOs totaling €828.49 million have priced in 2017, while nearly $4 billion of U.S. broadly syndicated CLOs have priced year to date, according to Prospect News data.

Blackstone/GSO Debt Funds Management Europe priced €414.5 million of notes due March 13, 2030 in the Palmerston Park CLO DAC transaction, according to a market source.

The CLO sold €$233 million of class A-1A senior secured floating-rate notes at Euribor plus 95 basis points at the top of the capital stack.

BofA Merrill Lynch was the placement agent.

The deal is backed primarily by senior secured obligations.

Blackstone/GSO was in the primary market in 2016 with three new euro-denominated CLO transactions.

The Dublin-based manager is an affiliate of Blackstone Group LP.

In its deal, Midcap Financial Services Capital Management priced $506.2 million of notes due April 18, 2029 in the middle-market CLO, a source reports.

Woodmont 2017-1 Trust sold $284.3 million of class A floating-rate notes at Libor plus 205 bps in the senior tranche.

Wells Fargo Securities LLC was the deal arranger.

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