By Cristal Cody
Tupelo, Miss., Nov. 12 – Blackstone/GSO Debt Funds Management Europe Ltd. priced €376 million of notes in a second refinancing of the vintage 2014 Holland Park CLO DAC transaction, according to a market source and a notice to noteholders on Tuesday.
The CLO sold €2 million of class X senior secured floating-rate notes at Euribor plus 50 basis points, €250 million of class A-1 senior secured floating-rate notes at Euribor plus 92 bps and €40 million of class A-2 senior secured floating-rate notes at Euribor plus 165 bps.
Holland Park CLO placed €10 million of class B-1 senior secured deferrable floating-rate notes at Euribor plus 240 bps and €17 million of class B-2 notes at Euribor plus 268 bps.
Blackstone/GSO also priced €24.3 million of class C senior secured deferrable floating-rate notes at Euribor plus 440 bps, €22.7 million of class D floating-rate notes at Euribor plus 703 bps and €10 million of class E notes at Euribor plus 885 bps.
Deutsche Bank AG, London Branch was the refinancing agent.
Blackstone/GSO will continue to manage the CLO.
The maturity was extended to Nov. 14, 2032 from the original May 14, 2027 maturity.
In the original transaction priced on April 3, 2014, the CLO sold €291,875,000 of class A-1 senior secured floating-rate notes at Euribor plus 140 bps; €58.75 million of class A-2 senior secured floating-rate notes at Euribor plus 200 bps; €30 million of class B senior secured deferrable floating-rate notes at Euribor plus 265 bps; €23.75 million of class C senior secured deferrable floating-rate notes at Euribor plus 345 bps; €37.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 475 bps and €17.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 575 bps and €54.25 million of subordinated notes.
The notes were first refinanced on May 15, 2017. In that offering, the CLO priced €291,875,000 of class A-1R senior secured floating-rate notes at Euribor plus 93 bps, €58.75 million of class A-2-R senior secured floating-rate notes at Euribor plus 160 bps, €30 million of class B-R senior secured deferrable floating-rate notes at Euribor plus 190 bps and €23.75 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 287 bps.
Proceeds from the offering will be used to redeem the outstanding notes.
The CLO is collateralized primarily by European leveraged loans and bonds.
The Dublin-based manager is an affiliate of Blackstone Group LP.
| Issuer: | Holland Park CLO DAC
|
| Amount: | €376 million refinancing
|
| Maturity: | Nov. 14, 2032
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Deutsche Bank AG, London Branch
|
| Manager: | Blackstone/GSO Debt Funds Management Europe Ltd.
|
| Settlement date: | Nov. 14
|
|
|
| Class X notes
|
| Amount: | €2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 50 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-1 notes
|
| Amount: | €250 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 92 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | €40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 165 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-1 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 240 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2
|
|
|
| Class B-2 notes
|
| Amount: | €17 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 268 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
|
| Amount: | €24.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 440 bps
|
| Price: | Par
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
|
| Amount: | €22.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 703 bps
|
| Price: | 95
|
| Rating: | Moody’s: Ba3
|
|
|
| Class E notes
|
| Amount: | €10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 885 bps
|
| Price: | 98
|
| Rating: | Moody’s: B3
|
© 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.
