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New deal volume rises; GSO/Blackstone sells $611.37 million CLO; ICG raises $406.8 million
By Cristal Cody
Tupelo, Miss., March 3 – New issue CLO volume climbed by more than $1 billion with the issuance of two deals.
GSO/Blackstone Debt Funds Management LLC priced $611.37 million of notes in its new CLO transaction.
ICG Debt Advisors LLC brought a $406.8 million CLO to the primary market.
New deal volume totals more than $7 billion year to date, according to market sources and Prospect News data. More than $22 billion of U.S. dollar CLOs have been refinanced year to date.
GSO/Blackstone prices
GSO/Blackstone Debt Funds Management priced $611.37 million of notes due April 20, 2030 in the Grippen Park CLO Ltd./Grippen Park CLO LLC transaction, according to a market source.
The CLO sold $384 million of class A senior secured floating-rate notes (Aaa//AAA) at par to yield Libor plus 126 basis points at the top of the capital structure.
Wells Fargo Securities LLC was the placement agent.
GSO/Blackstone will manage the CLO.
Proceeds from the offering will be used to purchase a $600 million portfolio of mostly senior secured leveraged loans.
GSO/Blackstone 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.
ICG sells $406.8 million
ICG Debt Advisors priced $406.8 million of notes due April 15, 2029 in the ICG US CLO 2017-1, Ltd./ICG US CLO 2017-1 LLC transaction, according to a market source.
ICG US CLO 2017-1 sold $256 million of class A floating-rate notes at Libor plus 135 bps in the AAA-rated tranche.
Barclays was the placement agent.
ICG Debt Advisors LLC – Manager Series will manage the CLO.
Proceeds from the offering will be used to purchase a portfolio of about $400 million of mostly first-lien senior secured loans.
ICG Debt Advisors priced one CLO offering in 2016.
The New York-based firm is a U.S. subsidiary of London-based parent company Intermediate Capital Group plc.
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