Blackstone/GSO Debt Funds reprices vintage €267 million CLO; euro reissuance on rise

By Cristal Cody

Tupelo, Miss., Oct. 17 – Blackstone/GSO Debt Funds Management Europe Ltd. refinanced €267 million of notes from a vintage 2017 European CLO offering.

The CLO manager tightened the spread on the senior tranche by 30 basis points.

European CLO refinancing action has been on the upswing since September with several deals expected to be refinanced in October, a market source said.

In its deal, Blackstone/GSO Debt Funds Management Europe refinanced €267 million of notes due 2030 at par in the vintage 2017 Palmerston Park CLO DAC transaction, according to a notice to noteholders on Thursday.

The CLO sold $233 million of class A-1A-R senior secured floating-rate notes at Euribor plus 65 bps at the top of the capital structure.

Deutsche Bank AG, London Branch was the refinancing placement agent.

In the original €414.5 million deal issued April 11, 2017, the CLO priced $233 million of the class A-1A senior secured floating-rate notes at Euribor plus 95 bps.

The CLO is backed primarily by senior secured obligations.

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

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