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Blackstone/GSO preps Holland Park CLO; April pipeline active; 'optimism' in marketplace
By Cristal Cody
Tupelo, Miss., March 31 - Blackstone/GSO Debt Funds Management Europe Ltd. is expected to price the previously announced €411.5 million Holland Park CLO Ltd. deal in the first week of April, according to an informed source on Monday.
Six European CLO deals totaling €2.51 billion have priced year to date, including CVC Credit Partners Group Ltd.'s €450 million CVC Cordatus Loan Fund III Ltd. transaction on Thursday via Goldman Sachs & Co.
About €10 billion to €15 billion of European CLO issuance is forecast for the year.
Coming up in early April, GSO Capital Partners LP, the New York City-based affiliate of the Blackstone Group LP, also has a U.S. dollar-denominated CLO offering sized at $400 million in the pipeline, according to an informed source.
Wells Fargo Securities LLC is the placement agent.
GSO/Blackstone Debt Funds Management LLC will manage the CLO.
More than $15 billion of deals are in the pipeline, and the brisk pace of issuance in late February and March raised some expectations for more annual issuance than initially expected.
"There's definitely optimism," one market source said.
On Thursday, Wells Fargo Securities, LLC analysts increased their 2014 CLO issuance forecast to $80 billion to $90 billion from $60 billion.
Blackstone/GSO offers deal
Blackstone/GSO Debt Funds Management Europe plans to price about €411.5 million of notes in the Holland Park CLO transaction, according to an informed source.
BNP Paribas Securities Corp. is the placement agent.
Blackstone/GSO Debt Funds Management Europe will manage the CLO.
The Dublin-based unit of the Blackstone Group priced three European CLOs in 2013, including the €403.35 million Grand Harbour I BV deal, the €413.2 million Herbert Park BV offering and the €615.69 million Richmond Park CLO Ltd. transaction.
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