By Cristal Cody
Tupelo, Miss., Aug. 27 – GSO/Blackstone Debt Funds Management LLC priced $299.15 million of notes due Oct. 15, 2028 in the Stratus 2020-2, Ltd./Stratus 2020-2, LLC static CLO transaction, according to market sources.
The CLO sold $2 million of class X floating-rate notes at Libor plus 80 basis points, $193.5 million of class A floating-rate notes at Libor plus 130 bps, $28.25 million of class B-1 floating-rate notes at Libor plus 185 bps and $7 million of 2.166% class B-2 fixed-rate notes.
Stratus 2020-2 priced $17.25 million of class C deferrable floating-rate notes at Libor plus 235 bps, $16.5 million of class D deferrable floating-rate notes at Libor plus 365 bps, $10.5 million of class E deferrable floating-rate notes at Libor plus710 bps and $24.15 million of subordinated notes.
Barclays was the placement agent.
GSO/Blackstone is the portfolio manager. The static CLO is not actively managed.
The CLO has a one-year non-call period. There is no reinvestment period.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
GSO/Blackstone has priced two static CLOs year to date.
The New York City-based firm is a subsidiary of alternative asset manager GSO Capital Partners LP.
| Issuer: | Stratus 2020-2, Ltd./Stratus 2020-2, LLC
|
| Amount: | $299.15 million
|
| Maturity: | Oct. 15, 2028
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Static cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | One year
|
| Pricing date: | Aug. 10
|
| Settlement date: | Sept. 4
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X notes
|
| Amount: | $2 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 80 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $193.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $28.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $7 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.166%
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $17.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $16.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $10.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 710 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $24.15 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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