Chicago, June 11 – Blackstone Liquid Credit Strategies LLC sold $609.78 million in a collateralized loan obligation issued by Wellman Park CLO Ltd./Wellman Park CLO LLC, according to a pre-sale report.
The CLO matures July 15, 2034.
The note classes are the $358.8 million of class A senior secured floating-rate notes at Libor plus 110 basis points and $97.2 million of class B senior secured floating-rate notes at Libor plus 160 bps.
Lower in the stack are $36 million of class C senior secured deferrable floating-rate notes at Libor plus 190 bps, $36 million of class D senior secured deferrable floating-rate notes at Libor plus 295 bps and $22.5 million of class E senior secured deferrable floating-rate notes at Libor plus 625 bps.
There are also $59.275 million of subordinated notes.
The collateral pool will be mostly made of senior secured loans, cash and eligible investments with at least 85% of the borrowers based in the United States or Canada.
Blackstone Liquid will manage that collateral through the five-year reinvestment period that ends July 15, 2026.
The notes can be called after July 15, 2023.
Morgan Stanley and Co. LLC is the initial purchaser.
The New York City-based firm is a subsidiary of Blackstone Group LP.
Issuers: | Wellman Park CLO Ltd./Wellman Park CLO LLC
|
Issue: | Floating-rate and subordinated notes
|
Amount: | $609,775,000
|
Maturity: | July 15, 2034
|
Structure: | Cash flow CLO
|
Placement agent: | Morgan Stanley and Co. LLC
|
Manager: | Blackstone Liquid Credit Strategies LLC
|
Call feature: | July 15, 2023
|
Settlement date: | June 16
|
|
Class A notes
|
Amount: | $358.8 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 110 bps
|
Rating: | S&P: AAA
|
|
Class B notes
|
Amount: | $97.2 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 160 bps
|
Rating: | S&P: AA
|
|
Class C notes
|
Amount: | $36 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | Libor plus 190 bps
|
Rating: | S&P: A
|
|
Class D notes
|
Amount: | $36 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | Libor plus 295 bps
|
Rating: | S&P: BBB-
|
|
Class E notes
|
Amount: | $22.5 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | Libor plus 625 bps
|
Rating: | S&P: BB-
|
|
Subordinated notes
|
Amount: | $59.275 million
|
Securities: | Subordinated notes
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.