GSO/Blackstone prices $503.45 million CLO; Arrowpoint plans reprint; loan flows weaken

By Cristal Cody

Tupelo, Miss., July 19 – GSO/Blackstone Debt Funds Management LLC priced $503.45 million of notes in a new CLO deal.

Meanwhile, in refinancing activity, Arrowpoint Colorado Holdings LLC plans to price a second refinancing of notes from a vintage 2013 CLO deal.

CLO managers have priced more than $56 billion of new broadly syndicated CLOs this year and refinanced about $25 billion of vintage CLOs year to date, market sources report.

In other activity, outflows widened in leveraged loans for the past week. In the week ended Wednesday, flows weakened for leveraged loans to $560 million from $300 million in the previous week, according to a BofA research note released on Friday.

GSO prices Southwick CLO

GSO/Blackstone Debt Funds Management priced $503.45 million of notes due July 20, 2032 in the new CLO offering, according to a market source.

Southwick Park CLO Ltd./Southwick Park CLO LLC sold $320 million of class A-1 floating-rate notes at Libor plus 130 basis points and $10 million of class A-2 floating-rate notes at Libor plus 165 bps at the top of the capital stack.

Barclays was the placement agent.

The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.

GSO/Blackstone is a New York City-based subsidiary of alternative asset manager GSO Capital Partners LP.

Arrowpoint plans reprint

Arrowpoint Colorado Holdings plans to price a second refinancing of notes from a vintage 2013 CLO deal, according to a notice of proposed fourth supplemental indenture on Thursday.

As part of the reissue, the vehicle will be renamed from its original Arrowpoint CLO 2013-1 Ltd./Arrowpoint CLO 2013-1 LLC name to Elevation CLO 2013-1, Ltd./Elevation CLO 2013-1, LLC.

The Elevation CLO deal includes class X notes (expected ratings AAA), class A-1-R2 notes (expected ratings AAA), class A-2-R2 notes (expected ratings AA), class B-R2 notes (expected ratings A), class C-R2 notes (expected ratings BBB-) and class D-R2 notes (expected ratings BB-).

Goldman Sachs & Co. is the refinancing placement agent.

Arrowpoint CLO 2013-1 was originally issued on April 25, 2013.

The CLO was first refinanced in a $331.2 million offering of notes due Nov. 15, 2028 on Nov. 25, 2016.

Proceeds from the transaction will be used to redeem the outstanding notes on Aug. 15.

The CLO is backed primarily by broadly syndicated senior secured corporate loans.

In 2018, ArrowMark priced two new CLOs and refinanced one vintage CLO.

The investment management firm is based in Denver.

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