By Rebecca Melvin
New York, Jan. 25 – Blackstone/GSO Debt Funds Management Europe Ltd. priced €513 million of notes due March 2032 in the Crosthwaite Park CLO DAC transaction, according to a market source.
In the senior secured tranches, the CLO sold €242 million of class A-1A floating-rate notes (Aaa) at Euribor plus 108 bps, €10 million of class A-1B floating-rate notes (Aaa) at Euribor plus 140 bps, €30 million of class A-2A floating-rate notes (Aa2) at Euribor plus 185 bps and €22.5 million of 2.5% class A-2B fixed-rate notes (Aa2).
The CLO also priced €28 million of class B senior secured deferrable floating-rate notes (A2) at Euribor plus 260 bps, €33 million of class C senior secured deferrable floating-rate notes (Baa3) at Euribor plus 360 bps, €26.5 million of class D senior secured deferrable floating-rate notes (Ba3) at Euribor plus 575 bps, €12 million of class E senior secured deferrable floating-rate notes (B3) at Euribor plus 805 bps and €51 million of subordinated notes.
BNP Paribas, London Branch was the placement agent.
Blackstone/GSO Debt Funds is the manager, and this deal is its 19th European CLO 2.0. The CLO has a two-year non-call period and a 4.5-year reinvestment period.
The deal is backed primarily by euro-denominated senior secured loans.
Dublin-based Blackstone/GSO Debt Funds Management Europe is a subsidiary of asset manager GSO Capital Partners LP.
| Issuer: | Crosthwaite Park CLO DAC
|
| Amount: | €513 million
|
| Maturity: | March 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas
|
| Manager: | Blackstone/GSO Debt Funds Management Europe Ltd.
|
| Call feature: | Two years
|
| Settlement date: | March 2019
|
|
|
| Class A-1A notes
|
| Amount: | €300 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 108 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-1B notes
|
| Amount: | €10 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2A notes
|
| Amount: | €30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 185 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class A-2B notes
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| Amount: | €22.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.5%
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B notes
|
| Amount: | €28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 260 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
|
| Amount: | €33 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 360 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
|
| Amount: | €26.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 575 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class E notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 805 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | €51 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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