By Cristal Cody
Tupelo, Miss., Sept. 28 – GSO/Blackstone Debt Funds Management LLC priced $1.02 billion of notes due Oct. 15, 2030 in the Gilbert Park CLO, Ltd./Gilbert Park CLO, LLC transaction, according to a market source.
The CLO sold $650 million of class A senior secured floating-rate notes at Libor plus 119 basis points, $105 million of class B senior secured floating-rate notes at Libor plus 160 bps, $54.25 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 195 bps, $60.75 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 295 bps, $50 million of class E mezzanine secured deferrable floating-rate notes at Libor plus 640 bps and $102 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
GSO/Blackstone will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The CLO manager priced five new U.S. CLOs and refinanced one vintage CLO in 2016.
The New York City-based firm is a subsidiary of alternative asset manager GSO Capital Partners LP.
| Issuer: | Gilbert Park CLO, Ltd./Gilbert Park CLO, LLC
|
| Amount: | $1,022,000,000
|
| Maturity: | Oct. 15, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | Two years
|
| Settlement date: | Oct. 24
|
|
|
| Class A notes
|
| Amount: | $650 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 119 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $105 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $54.25 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $60.75 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $50 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | Libor plus 640 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $102 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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