Chicago, Aug. 18 – Blackstone Liquid Credit Strategies LLC sold $490.65 million in a collateralized loan obligation being issued by Bear Mountain Park CLO Ltd./Bear Mountain Park CLO LLC, according to a presale report.
The notes will mature on July 15, 2035.
The CLO consists of $315 million of class A senior secured floating-rate notes at SOFR plus 180 basis points, $60.75 million of class B senior secured floating-rate notes at SOFR plus 300 bps, $30.75 million of class C senior secured deferrable floating-rate notes at SOFR plus 400 bps, $29.25 million of class D senior secured deferrable floating-rate notes at SOFR plus 520 bps, $15.75 million of class E senior secured deferrable floating-rate notes at SOFR plus 832 bps and $39.15 million of subordinated notes.
Blackstone Liquid Credit Strategies LLC will manage the collateral through the end of the reinvestment period on July 15, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting July 15, 2024.
Citigroup Global Markets Inc. was the placement agent.
The New York City-based firm is a subsidiary of Blackstone Group LP.
| Issuer: | Bear Mountain Park CLO Ltd./Bear Mountain Park CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $490.65 million
|
| Maturity: | July 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Blackstone Liquid Credit Strategies LLC
|
| Call feature: | July 15, 2024
|
| Settlement date: | Aug. 24
|
|
|
| Class A notes
|
| Amount: | $315 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
|
|
| Class B notes
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| Amount: | $60.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $30.75 million
|
| Securities: | Senior Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 400 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $29.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 520 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $15.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 832 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $39.15 million
|
| Securities: | Subordinated notes
|
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|
|
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