Chicago, Sept. 2 – Blackstone Liquid Credit Strategies LLC sold $494.18 million in a collateralized loan obligation being issued by Storm King Park CLO Ltd./Storm King Park CLO LLC, according to a presale report.
The notes will mature on Oct. 15, 2035.
The CLO consists of $283.5 million of class A-1 senior secured floating-rate notes at SOFR plus 205 basis points, $36.5 million of class A-2 4.72% senior secured fixed-rate notes, $54.75 million of class B senior secured floating-rate notes at SOFR plus 285 bps, $31.35 million of class C senior secured deferrable floating-rate notes at SOFR plus 385 bps, $28.4 million of class D senior secured deferrable floating-rate notes at SOFR plus 525 bps, $16 million of class E senior secured deferrable floating-rate notes at SOFR plus 817 bps and $43.68 million of subordinated notes.
Blackstone Liquid Credit Strategies LLC will manage the collateral through the end of the reinvestment period on Oct. 15, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Sept. 22, 2024.
Citigroup Global Markets Inc. was the placement agent.
The New York City-based firm is a subsidiary of Blackstone Group LP.
| Issuer: | Storm King Park CLO Ltd./Storm King Park CLO LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $494.18 million
|
| Maturity: | Oct. 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Blackstone Liquid Credit Strategies LLC
|
| Call feature: | Sept. 22, 2024
|
| Settlement date: | Sept. 22
|
|
|
| Class A-1 notes
|
| Amount: | $283.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 205 bps
|
|
|
| Class A-2 notes
|
| Amount: | $36.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.72%
|
|
|
| Class B notes
|
| Amount: | $54.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 285 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $31.35 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 385 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $28.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 525 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 817 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $43.68 million
|
| Securities: | Subordinated notes
|
|
|
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