By Cristal Cody
Tupelo, Miss., June 28 – Blackstone/GSO Debt Funds Management Europe Ltd. refinanced €330.5 million of notes due April 28, 2029 in the Dartry Park CLO DAC transaction, according to a market source.
The CLO sold €238 of class A-1A-R senior secured floating-rate notes at Euribor plus 83 basis points; €5 million of 1.3% class A-1B-R senior secured fixed-rate notes; €30 million of class A-2A-R senior secured floating-rate notes at Euribor plus 140 bps; €12 million of 1.87% class A-2B-R senior secured fixed-rate notes; €24 million of class B-R senior secured deferrable floating-rate notes at Euribor plus 190 bps and €21.5 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 295 bps.
BNP Paribas, London Branch was the refinancing agent.
Blackstone/GSO will continue to manage the CLO.
In the original €411.1 million transaction priced on Feb. 18, 2015, the CLO sold €238 million of class A-1A senior secured floating-rate notes at Euribor plus 130 bps; €5 million of 1.585% class A-1B senior secured fixed-rate notes; €30 million of class A-2A senior secured floating-rate notes at Euribor plus 210 bps; €12 million of 2.531% class A-2B senior secured fixed-rate notes; €24 million of class B senior secured deferrable floating-rate notes at Euribor plus 290 bps; €21.5 million of class C senior secured deferrable floating-rate notes at Euribor plus 375 bps; €24.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 565 bps; €11.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 700 bps and €44.6 million of subordinated notes.
Proceeds will be used to redeem the original class A-1A, A-1B, A-2A, A-2B, B and C notes.
The refinanced CLO is collateralized primarily by European senior secured loans and senior secured bonds.
Blackstone/GSO has priced two new euro-denominated CLOs and refinanced five vintage CLOs year to date.
In the previous year, Blackstone/GSO priced three new European CLOs.
The Dublin-based manager is an affiliate of Blackstone Group LP.
| Issuer: | Dartry Park CLO DAC
|
| Amount: | €330.5 million refinancing
|
| Maturity: | April 28, 2029
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BNP Paribas, London Branch
|
| Manager: | Blackstone/GSO Debt Funds Management Europe Ltd.
|
| Distribution: | Private placement
|
|
|
| Class A-1A-R notes
|
| Amount: | €238 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 83 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1B-R notes
|
| Amount: | €5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.3%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AAA
|
|
|
| Class A-2A-R notes
|
| Amount: | €30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA+
|
|
|
| Class A-2B-R notes
|
| Amount: | €12 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.87%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA+
|
|
|
| Class B-R notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 190 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: AA+
|
|
|
| Class C-R notes
|
| Amount: | €21.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 295 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
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