By Cristal Cody
Eureka Springs, Ark., Nov. 7 – GSO/Blackstone Debt Funds Management LLC priced $562.18 million of notes due April 15, 2029 in the Bristol Park CLO Ltd./Bristol Park CLO LLC transaction, according to a market source.
The deal includes $357.5 million of class A senior secured floating-rate notes at Libor plus 142 basis points; $60.5 million of class B senior secured floating-rate notes at Libor plus 190 bps; $33 million of class C secured deferrable floating-rate notes at Libor plus 260 bps; $33 million of class D secured deferrable floating-rate notes at Libor plus 410 bps; $23.38 million of class E secured deferrable floating-rate notes at Libor plus 725 bps and $54.8 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
GSO/Blackstone will manage the CLO.
The CLO has a 2.5-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds from the offering will be used to purchase a $550 million portfolio of mostly senior secured leveraged loans.
GSO/Blackstone has priced four new U.S. CLOs and refinanced one vintage CLO year to date.
The CLO manager priced six CLOs and refinanced one CLO in 2015.
The New York City-based firm is a subsidiary of alternative asset manager GSO Capital Partners LP.
| Issuer: | Bristol Park CLO Ltd./Bristol Park CLO LLC
|
| Amount: | $562.18 million
|
| Maturity: | April 15, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | 2.5 years
|
| Pricing date: | Nov. 1
|
| Settlement date: | Dec. 8
|
|
|
| Class A notes
|
| Amount: | $357.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 142 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $60.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $33 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $33 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $23.38 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 725 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $54.8 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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