Chicago, Aug. 30 – Blackstone Liquid Credit Strategies LLC refinanced for $509.3 million the collateralized loan obligation issued by co-issuers Buckhorn Park CLO Ltd./Buckhorn Park CLO LLC, according to a pre-sale report.
The notes will now mature on July 18, 2034.
The CLO consists of $5 million of class X-R senior secured floating-rate notes at Libor plus 65 basis points, $297.5 million of class A-R senior secured floating-rate notes at Libor plus 112 bps, $70 million of class B-1R senior secured floating-rate notes at Libor plus 165 bps, $10 million of class B-2R 2.63% senior secured fixed-rate notes, $31.75 million of class C-R senior secured deferrable floating-rate notes at Libor plus 200 bps, $30 million of class D-R senior secured deferrable floating-rate notes at Libor plus 310 bps, $16.75 million of class E-R senior secured deferrable floating-rate notes at Libor plus 625 bps and $48.3 million of subordinated notes.
Blackstone Liquid Credit Strategies LLC will manage the collateral through the end of the reinvestment period on July 18, 2026.
The notes can be called starting July 18, 2023.
Citigroup Global Markets Inc. was the placement agent.
The New York City-based firm is a subsidiary of Blackstone Group LP.
| Issuer: | Buckhorn Park CLO Ltd./Buckhorn Park CLO LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $509.3 million
|
| Maturity: | July 18, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Blackstone Liquid Credit Strategies LLC
|
| Call feature: | July 18, 2023
|
| Settlement date: | Aug. 5
|
|
|
| Class X-R notes
|
| Amount: | $5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $297.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1R notes
|
| Amount: | $70 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2R notes
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.63%
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $31.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $16.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $48.3 million
|
| Securities: | Subordinated notes
|
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