Blackstone/GSO refinances €331 million CLO; refinancing vintage CLO deal pace strong

By Cristal Cody

Tupelo, Miss., Feb. 28 – Blackstone/GSO Debt Funds Management Europe Ltd. has refinanced a second vintage euro-denominated CLO transaction so far in 2017.

Blackstone/GSO refinanced €331 million of notes in the circa 2014 CLO.

The CLO manager previously in 2017 refinanced €307 million of notes in the 2014 Phoenix Park CLO Ltd./Phoenix Park CLO LLC transaction.

Earlier in February, Blackstone/GSO also priced the new €414.5 million Palmerston Park CLO DAC transaction.

Refinancing activity has been strong year to date in both the U.S. and European markets.

The European CLO market has seen more than €2 billion of new issue and refinancing volume in 2017, according to market sources.

More than $22 billion of U.S. dollar CLOs have been refinanced over the past two months.

Blackstone/GSO Debt Funds Management Europe refinanced €331 million of notes due Jan. 15, 2028 in the Castle Park CLO DAC transaction, according to a market source.

The CLO sold $238 million of class A-1R senior secured floating-rate notes at Euribor plus 100 basis points at the top of the capital structure.

BofA Merrill Lynch was the refinancing agent.

Proceeds from the offering will be used to redeem the original notes.

Blackstone/GSO priced three new euro-denominated CLO transactions in 2016.

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

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