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.

In its deal, 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.

Meanwhile, 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.

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