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
|
|
|
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