Chicago, Jan. 25 – Blackstone Ireland Ltd. reset for €354.862 million in a collateralized loan obligation being issued by Deer Park CLO DAC, according to multiple notices.
The notes will mature on Oct. 15, 2034.
The CLO consists of €217 million of class A-R senior secured floating-rate notes at Euribor plus 101 basis points, €27.2 million of class B-1-R senior secured floating-rate notes at Euribor plus 170 bps, €7.8 million of class B-2-R 2% senior secured fixed-rate notes, €25.4 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 210 bps, €21 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 300 bps, €17.5 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 626 bps, €10.5 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 883 bps and €28.462 million of subordinated notes.
Originally, the CLO sold €1.4 million of class X floating-rate notes at Euribor plus 70 bps, €204.75 million of class A-1 floating-rate notes at Euribor plus 145 bps, €25.1 million of class A-2A floating-rate notes at Euribor plus 200 bps and €11.65 million of 2.5% class A-2B fixed-rate notes.
The CLO also priced €24.15 million of class B floating-rate notes at Euribor plus 300 bps, €21.35 million of class C floating-rate notes at Euribor plus 400 bps, €19.13 million of class D floating-rate notes at Euribor plus 605 bps, €7.93 million of class E floating-rate notes at Euribor plus 810 bps and €28.46 million of subordinated notes.
Blackstone Ireland Ltd. will manage the collateral through the end of the reinvestment period on April 15, 2026.
The broadly syndicated CLO is backed primarily by euro-denominated secured senior loans.
The notes can be called starting Oct. 15, 2023.
Deutsche Bank AG was the placement agent.
The Dublin-based manager is an affiliate of Blackstone Group LP and GSO Capital Partners LP.
| Issuer: | Deer Park CLO DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €354.862 million
|
| Maturity: | Oct. 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank AG
|
| Manager: | Blackstone Ireland Ltd.
|
| Call feature: | Oct. 15, 2023
|
| Settlement date: | Oct. 27
|
|
|
| Class A-R notes
|
| Amount: | €217 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 101 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1-R notes
|
| Amount: | €27.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2-R notes
|
| Amount: | €7.8 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2%
|
| Rating: | Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | €25.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Rating: | Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E-R notes
|
| Amount: | €17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 626 bps
|
| Rating: | Fitch: BB
|
|
|
| Class F-R notes
|
| Amount: | €10.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 883 bps
|
| Rating: | Fitch: B-
|
|
|
| Subordinated notes
|
| Amount: | €28.462 million
|
| Securities: | Subordinated notes
|
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