By Cristal Cody
Tupelo, Miss., Dec. 9 - GSO Capital Partners LP sold an upsized €615.69 million of notes due Jan. 8, 2027 in the Richmond Park CLO Ltd. transaction, according to market sources on Monday.
The deal was upsized from about €414 million.
The CLO priced €351.05 million of class A-1 senior secured floating-rate notes (Aaa//AAA) at Euribor plus 140 basis points and €74,375,000 of class A-2 senior secured floating-rate notes (Aa2//AA) at Euribor plus 210 bps at the top of the capital structure.
The CLO also sold €34.21 million of class B senior secured deferrable floating-rate notes (A2//A) at Euribor plus 290 bps; €26,785,000 of class C senior secured deferrable floating-rate notes (Baa2//BBB) at Euribor plus 390 bps; €46.11 million of class D senior secured deferrable floating-rate notes (Ba2//BB) at Euribor plus 525 bps; €15.61 million of class E senior secured deferrable floating-rate notes (B2//B-) at Euribor plus 600 bps and €67.55 million of subordinated notes.
Citigroup Global Markets Inc. was the underwriter.
The CLO has a two-year non-call period and a four-year reinvestment period.
The transaction is backed primarily by a leveraged loan portfolio of senior secured loans or senior secured notes.
Blackstone/GSO Debt Funds Europe Ltd., a unit of Blackstone Group LP, will manage the CLO.
Proceeds will be used to purchase a €595 million portfolio of European leveraged loans and bonds.
GSO Capital, the credit division of New York-based Blackstone, was last in the European market in August with the €413.2 million Herbert Park BV CLO offering of notes.
| Issuer: | Richmond Park CLO Ltd.
|
| Amount: | €615.69 million
|
| Maturity: | Jan. 8, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Blackstone/GSO Debt Funds Europe Ltd.
|
| Call feature: | 2016
|
| Pricing date: | Dec. 4
|
| Settlement date: | Jan. 10
|
|
|
| Class A-1 notes
|
| Amount: | €351.05 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €74,375,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Ratings: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B notes
|
| Amount: | €34.21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 290 bps
|
| Ratings: | Moody's: A2
|
| Fitch: A
|
|
|
| Class C notes
|
| Amount: | €26,785,000
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 390 bps
|
| Ratings: | Moody's: Baa2
|
| Fitch: BBB
|
|
|
| Class D notes
|
| Amount: | €46.11 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 525 bps
|
| Ratings: | Moody's: Ba2
|
| Fitch: BB
|
|
|
| Class E notes
|
| Amount: | €15.61 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 600 bps
|
| Ratings: | Moody's: B2
|
| Fitch: B-
|
|
|
| Equity tranche
|
| Amount: | €67.55 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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