By Cristal Cody
Tupelo, Miss., April 3 - Blackstone/GSO Debt Funds Management Europe Ltd. sold an upsized €513,625,000 collateralized loan obligation on Thursday, according to an informed source.
Holland Park CLO Ltd. priced €291,875,000 of class A-1 senior secured floating-rate notes (Aaa) at Euribor plus 140 basis points and €58.75 million of class A-2 senior secured floating-rate notes (Aa2) at Euribor plus 200 bps.
The CLO also sold €30 million of class B senior secured deferrable floating-rate notes (A2) at Euribor plus 265 bps; €23.75 million of class C senior secured deferrable floating-rate notes (Baa2) at Euribor plus 345 bps; €37.5 million of class D senior secured deferrable floating-rate notes (Ba2) at Euribor plus 475 bps and €17.5 million of class E senior secured deferrable floating-rate notes (B2) at Euribor plus 575 bps.
The deal included €54.25 million of subordinated notes in the equity tranche.
The transaction was upsized from an initial estimate of €411.5 million.
BNP Paribas Securities Corp. was the placement agent.
Blackstone/GSO Debt Funds Management Europe will manage the CLO.
The CLO is backed primarily by euro-denominated senior secured loans or senior secured notes to broadly syndicated corporate borrowers.
The notes are due May 14, 2027.
The CLO has a non-callable period that ends in May 2016 and a reinvestment period that ends in May 2018.
Blackstone/GSO Debt Funds Management, a subsidiary of asset manager GSO Capital Partners LP, priced three European CLOs in 2013, including the €403.35 million Grand Harbour I BV deal, the €413.2 million Herbert Park BV offering and the €615.69 million Richmond Park CLO Ltd. transaction.
| Issuer: | Holland Park CLO Ltd.
|
| Amount: | €513,625,000
|
| Maturity: | May 14, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Blackstone/GSO Debt Funds Management Europe Ltd.
|
| Call feature: | May 2016
|
| Pricing date: | April 3
|
| Settlement date: | April 25
|
|
|
| Class A-1 notes
|
| Amount: | €291,875,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | €58.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B notes
|
| Amount: | €30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 265 bps
|
| Rating: | Moody's: A2
|
|
|
| Class C notes
|
| Amount: | €23.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 345 bps
|
| Rating: | Moody's: Baa2
|
|
|
| Class D notes
|
| Amount: | €37.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 475 bps
|
| Rating: | Moody's: Ba2
|
|
|
| Class E notes
|
| Amount: | €17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 575 bps
|
| Rating: | Moody's: B2
|
|
|
| Equity tranche
|
| Amount: | €54.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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