By Cristal Cody
Tupelo, Miss., April 15 – GSO/Blackstone Debt Funds Management LLC priced $476.7 million of notes due May 1, 2028 in the Stratus 2020-1, Ltd. static CLO transaction, according to market sources.
The CLO sold $315 million of class A floating-rate notes at Libor plus 198 basis points, $60 million of class B floating-rate notes at Libor plus 325 bps, $27.5 million of class C floating-rate notes at Libor plus 470 bps, $22.5 million of class D floating-rate notes at Libor plus 650 bps, $17.5 million of class E floating-rate notes at Libor plus 696 bps and $34.2 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
GSO/Blackstone will manage the CLO.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The New York City-based firm is a subsidiary of alternative asset manager GSO Capital Partners LP.
| Issuer: | Stratus 2020-1, Ltd.
|
| Amount: | $476.7 million
|
| Maturity: | May 1, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Static cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Pricing date: | April 2
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A notes
|
| Amount: | $315 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 198 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 470 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $22.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 696 bps
|
| Rating: | Fitch: BB-
|
|
|
| Equity
|
| Amount: | $34.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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