By Cristal Cody
Tupelo, Miss., May 21 - GSO/Blackstone Debt Funds Management LLC sold $717.4 million of notes due 2026 in the Seneca Park CLO Ltd./Seneca Park CLO LLC offering, according to an informed source.
The CLO priced $429.75 million of class A senior secured floating-rate notes (Aaa//AAA) at Libor plus 148 basis points, $64.5 million of class B-1 senior secured floating-rate notes (Aa2//) at Libor plus 195 bps, $25 million of 4.35% class B-2 senior secured fixed-rate notes (Aa2//), $42 million of class C secured deferrable floating-rate notes (A2//) at Libor plus 290 bps, $43.75 million of class D secured deferrable floating-rate notes (Baa3//) at Libor plus 350 bps, $40.5 million of class E secured deferrable floating-rate notes (Ba3//) at Libor plus 470 bps and $8 million of class F secured deferrable floating-rate notes (B2//) at Libor plus 550 bps.
The deal included $63.9 million of subordinated notes in the equity tranche.
Credit Suisse Securities (USA) LLC was the placement agent.
GSO/Blackstone Debt Funds Management will manage the CLO, which is backed primarily by first-lien senior secured loans.
The CLO has a two-year non-call period and a four-year reinvestment period.
Proceeds from the deal will be used to purchase a $700 million portfolio of primarily senior secured leveraged loans.
GSO/Blackstone was last in the market on April 3 when it priced the $510.32 million Pinnacle Park CLO Ltd./Pinnacle Park CLO LLC transaction.
The New York City-based subsidiary of alternative asset manager GSO Capital Partners LP brought two U.S. CLO deals in 2013.
| Issuer: | Seneca Park CLO Ltd./Seneca Park CLO LLC
|
| Amount: | $717.4 million
|
| Maturity: | 2026
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | 2016
|
| Pricing date: | May 9
|
| Settlement date: | June 19
|
|
|
| Class A notes
|
| Amount: | $429.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 148 bps
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $64.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.35%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $42 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $43.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | $40.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 470 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
|
| Amount: | $8 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 550 bps
|
| Rating: | Moody's: B2
|
|
|
| Equity tranche
|
| Amount: | $63.9 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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