Blackstone/GSO prices €413.55 million CLO; euro CLO spreads mixed in secondary market

By Cristal Cody

Tupelo, Miss., June 6 – Blackstone/GSO Debt Funds Management Europe Ltd. priced its second new euro-denominated CLO of 2017.

The CLO manger sold €413.55 million of notes.

More than €7 billion of new euro CLOs have priced year to date, according to market sources.

Euro-denominated AAA CLO spreads ended the previous week unchanged at Euribor plus 90 basis points, according to a BofA Merrill Lynch report released on Monday. B-rated spreads were 15 bps softer on the week at Euribor plus 725 bps.

Blackstone/GSO Debt Funds Management Europe priced €413.55 million of notes due Aug. 5, 2030 in the new Clontarf Park CLO DAC transaction, according to a market source.

The CLO sold €240 of class A-1A senior secured floating-rate notes at Euribor plus 83 bps in the senior tranche.

BNP Paribas, London Branch was the placement agent.

The CLO is collateralized primarily by European senior secured loans and senior secured bonds.

Blackstone/GSO has priced two new euro-denominated CLOs and refinanced four vintage CLOs year to date.

The CLO manager priced three new euro-denominated CLO transactions in 2016.

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

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