By Cristal Cody
Tupelo, Miss., June 14 – GSO/Blackstone Debt Funds Management LLC priced $533.44 million of 10-year notes in a refinancing and reset of a vintage 2015 collateralized loan obligation transaction, according to a market source and a notice of further revised proposed supplemental indenture on Wednesday.
Dorchester Park CLO DAC/Dorchester Park CLO LLC sold $324 million of class A-R senior secured floating-rate notes at Libor plus 90 basis points; $57.25 million of class B-R senior secured floating-rate notes at Libor plus 145 bps; $25 million of class C-R secured deferrable floating-rate notes at Libor plus 175 bps; $27.5 million of class D-R secured deferrable floating-rate notes at Libor plus 240 bps; $24.75 million of class E-R secured deferrable floating-rate notes at Libor plus 500 bps; $8 million of class F-R secured deferrable floating-rate notes at Libor plus 671 bps and $66.44 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the refinancing placement agent.
GSO/Blackstone will continue to manage the CLO.
The maturity on the notes was extended to April 20, 2028 from the original Jan. 20, 2027 maturity.
The reset CLO is non-callable until April 20, 2019. The reinvestment period ends April 20, 2020.
The original $509.44 million CLO was issued Feb. 26, 2015. The CLO had placed $312.5 million of class A floating-rate notes at Libor plus 140 bps; $62.75 million of class B floating-rate notes at Libor plus 220 bps; $27.25 million of class C deferrable floating-rate notes at Libor plus 320 bps; $19 million of class D deferrable floating-rate notes at Libor plus 355 bps; $25 million of class E deferrable floating-rate notes at Libor plus 525 bps; $17 million of class F deferrable floating-rate notes at Libor plus 625 bps and $49.94 million of income notes.
Proceeds will be used to redeem the original notes.
GSO/Blackstone is a New York City-based subsidiary of alternative asset manager GSO Capital Partners LP.
Issuer: | Dorchester Park CLO DAC/Dorchester Park CLO LLC
|
Amount: | $533.44 million refinancing
|
Maturity: | April 20, 2028
|
Securities: | Floating-rate and subordinated notes
|
Structure: | Cash flow CLO
|
Refinancing agent: | Credit Suisse Securities (USA) LLC
|
Manager: | GSO/Blackstone Debt Funds Management LLC
|
Call feature: | April 20, 2019
|
Settlement date: | June 20
|
Distribution: | Rule 144A, Regulation S
|
|
Class A-R notes
|
Amount: | $324.5 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 90 bps
|
Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
Class B-R notes
|
Amount: | $57.25 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 145 bps
|
Ratings: | Moody’s: Aa2 expected
|
| S&P: AA
|
|
Class C-R notes
|
Amount: | $25 million
|
Securities: | Secured deferrable floating-rate notes
|
Coupon: | Libor plus 175 bps
|
Ratings: | Moody’s: A2 expected
|
| S&P: A
|
|
Class D-R notes
|
Amount: | $27.5 million
|
Securities: | Secured deferrable floating-rate notes
|
Coupon: | Libor plus 240 bps
|
Ratings: | Moody’s: Baa3 expected
|
| S&P: BBB-
|
|
Class E-R notes
|
Amount: | $24.75 million
|
Securities: | Secured deferrable floating-rate notes
|
Coupon: | Libor plus 500 bps
|
Ratings: | Moody’s: Ba3 expected
|
| S&P: BB-
|
|
Class F-R notes
|
Amount: | $8 million
|
Securities: | Secured deferrable floating-rate notes
|
Coupon: | Libor plus 671 bps
|
Ratings: | Moody’s: B3 expected
|
| S&P: B-
|
|
Equity
|
Amount: | $66.44 million
|
Securities: | Subordinated notes
|
Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.