By Cristal Cody
Eureka Springs, Ark., Sept. 13 – GSO/Blackstone Debt Funds Management LLC priced $508.9 million of notes due Oct. 20, 2027 in a U.S. collateralized loan obligation deal, according to a market source.
Jay Park CLO Ltd./Jay Park CLO LLC sold $307.2 million of class A-1 senior secured floating-rate notes (Aaa/AAA/) at Libor plus 145 basis points; $59.4 million of class A-2 senior secured floating-rate notes (Aa1//) at Libor plus 180 bps; $45.6 million of class B secured deferrable floating-rate notes (A2//) at Libor plus 240 bps; $29.4 million of class C secured deferrable floating-rate notes (Baa3//) at Libor plus 385 bps; $18.3 million of class D secured deferrable floating-rate notes (Ba3//) at Libor plus 700 bps and $49 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
GSO/Blackstone will manage the CLO.
The CLO is non-callable until Oct. 20, 2018. The reinvestment period ends July 20, 2021.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
GSO/Blackstone has priced two U.S. CLO deals year to date.
GSO/Blackstone brought six U.S. CLO deals and one refinancing transaction to market in 2015.
The New York City-based firm is a subsidiary of alternative asset manager GSO Capital Partners LP.
| Issuer: | Jay Park CLO Ltd./Jay Park CLO LLC
|
| Amount: | $508.9 million
|
| Maturity: | Oct. 20, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | Oct. 20, 2018
|
| Pricing date: | Aug. 23
|
| Settlement date: | Oct. 15
|
|
|
| Class A-1 notes
|
| Amount: | $307.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $59.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Moody’s: Aa1
|
|
|
| Class B notes
|
| Amount: | $45.6 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
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| Amount: | $29.4 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
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| Amount: | $18.3 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $49 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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