By Cristal Cody
Tupelo, Miss., March 29 – Blackstone/GSO Debt Funds Management Europe Ltd. closed Thursday on a new €413 million offering of notes due Oct. 15, 2030 in the Marlay Park CLO DAC transaction, a source said.
The CLO priced €218 million of class A-1A senior secured floating-rate notes at Euribor plus 74 basis points, €30 million of 1.367% class A-1B senior secured fixed-rate notes, €34 million of class A-2A senior secured floating-rate notes at Euribor plus 105 bps and €10 million of 1.95% class A-2B senior secured fixed-rate notes.
Marlay Park CLO also sold €24.8 million of class B senior secured deferrable floating-rate notes at Euribor plus 155 bps; €20 million of class C senior secured deferrable floating-rate notes at Euribor plus 240 bps; €23.6 million of class D senior secured deferrable floating-rate notes at Euribor plus 450 bps; €11.6 million of class E senior secured deferrable floating-rate notes at Euribor plus 605 bps and €41 million of subordinated notes.
Barclays arranged the deal.
Blackstone/GSO will manage the CLO.
The CLO is backed primarily by secured senior loans and senior secured bonds.
Proceeds will be used to purchase a €400 million portfolio of mostly European leveraged loans and bonds.
Blackstone/GSO Debt Funds Management Europe priced three euro-denominated CLOs in 2017.
The subsidiary of asset manager GSO Capital Partners LP is based in Dublin.
| Issuer: | Marlay Park CLO DAC
|
| Amount: | €413 million
|
| Maturity: | Oct. 15, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Blackstone/GSO Debt Funds Management Europe Ltd.
|
| Settlement date: | March 29
|
|
|
| Class A-1A notes
|
| Amount: | €218 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 74 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | €30 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.367%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | €34 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 105 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class A-2B notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.95%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B notes
|
| Amount: | €24.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 155 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C notes
|
| Amount: | €20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 240 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class D notes
|
| Amount: | €23.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 450 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class E notes
|
| Amount: | €11.6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 605 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €41 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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