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Blackstone/GSO prices €409.4 million; Bain Capital sells first middle-market CLO
By Cristal Cody
Tupelo, Miss., Sept. 19 – Blackstone/GSO Debt Funds Management Europe Ltd. brought €409.4 million of notes to the European primary market in a new CLO offering.
Euro-denominated CLO supply is expected to ramp up over the next month, a market source said.
In other new issuance, Bain Capital Specialty Finance Inc. priced a $450.27 million middle-market CLO in the company’s first deal in the space.
Blackstone/GSO prints
Blackstone/GSO Debt Funds Management Europe priced €409.4 million of notes due November 2031 in the Sutton Park CLO DAC transaction, according to a market source.
In the senior secured tranches, the CLO sold €1.4 million of class X floating-rate notes (Aaa//AAA) at Euribor plus 53 basis points, €242 million of class A-1A floating-rate notes (Aaa//AAA) at Euribor plus 90 bps, €4 million of class A-1B floating-rate notes (Aaa//AAA) at Euribor plus 105 bps, €23 million of class A-2A floating-rate notes (Aa2//AA) at Euribor plus 170 bps and €20 million of 2.18% class A-2B fixed-rate notes (Aa2//AA).
BNP Paribas, London Branch was the placement agent.
The deal is backed primarily by euro-denominated senior secured loans.
Dublin-based Blackstone/GSO Debt Funds Management Europe is a subsidiary of asset manager GSO Capital Partners LP.
Bain prices $450.27 million
Bain Capital Specialty Finance priced $450.27 million of notes due Sept. 20, 2030 in the company’s first middle-market CLO deal, according to an informed source.
BCC Middle Market CLO 2018-1 LLC sold $215.9 million of class A-1A floating-rate notes at Libor plus 155 bps in the senior tranche.
Citigroup Global Markets Inc. arranged the deal.
The deal is backed primarily by middle-market senior secured loans.
The manager is a subsidiary of Boston-based investment firm Bain Capital.
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