Blackstone/GSO price €412.38 million CLO; CreekSource, THL, Apollo refinance notes

By Cristal Cody

Tupelo, Miss., Oct. 19 – Blackstone/GSO Debt Funds Management Europe Ltd. brought a €412.38 million new euro CLO to the primary market.

More than €13 billion of new issue euro-denominated CLOs have priced year to date, according to market sources.

The U.S. refinancing pace also remains strong.

THL Credit Senior Loan Strategies LLC priced $523.2 million of notes in a refinancing and reset of the vintage THL Credit Wind River 2013-2 CLO Ltd./THL Credit Wind River 2013-2 LLC deal.

THL also refinanced $400.25 million of notes in the previously reported 2015 THL Credit Wind River 2015-2 CLO Ltd./THL Credit Wind River 2015-2 LLC deal.

Also in refinancing action, Apollo Credit Management (CLO) LLC refinanced $446.5 million of notes in the third refinancing of a vintage 2012 CLO.

CreekSource LLC sold $309.2 million of notes in a refinancing and reset of a 2015 CLO.

About $125 billion of vintage CLOs have been refinanced and or reset year to date, according to market sources.

Blackstone/GSO prices CLO

Blackstone/GSO Debt Funds Management Europe priced €412.38 million of notes due Jan. 15, 2031 in a new euro collateralization loan obligation, according to a market source.

Willow Park CLO DAC sold €239 million of class A-1 senior secured floating-rate notes at Euribor plus 84 basis points at the top of the capital stack.

Deutsche Bank AG, London Branch arranged the deal.

Blackstone/GSO Debt Funds Management Europe is a Dublin-based subsidiary of asset manager GSO Capital Partners LP.

THL resets notes

THL Credit Senior Loan Strategies priced $523.2 million of notes due Oct. 18, 2030 in a refinancing and reset of the vintage THL Credit Wind River 2013-2 CLO transaction, according to a market source and a notice of executed second supplemental indenture on Wednesday.

The CLO sold $320 million of class A-R senior secured floating-rate notes at Libor plus 123 bps in the senior tranche.

BNP Paribas Securities Corp. was the refinancing placement agent.

The maturity on the notes was extended to Oct. 18, 2030 from the original Jan. 18, 2026 maturity.

THL Credit Advisors has priced three new CLOs and refinanced five vintage CLOs year to date.

The CLO manager is part of Boston-based alternative credit investment firm THL Credit Advisors LLC, which priced two new CLOs and one refinanced CLO in 2016.

Apollo refinances ALM V

Apollo Credit Management (CLO) refinanced $446.5 million of notes due Oct. 18, 2027 in the third refinancing of a vintage 2012 CLO transaction, according to a market source and a notice of executed second supplemental indenture on Wednesday.

ALM V Ltd./ALM V LLC sold $308.5 million of class A-1-R3 senior secured floating-rate notes at Libor plus 91 bps at the top of the capital structure.

Goldman Sachs & Co. LLC was the refinancing agent.

The refinancing is the third refinancing of the notes originally issued on Feb. 23, 2012 and refinanced on Feb. 13, 2014 and on Aug. 13, 2015.

Apollo has refinanced four CLOs year to date.

The New York City-based subsidiary of Apollo Global Management, LLC priced two new CLOs and refinanced two vintage CLO transactions in 2016.

CreekSource resets CLO

CreekSource sold $309.2 million of notes due Oct. 20, 2030 in a refinancing and reset of a vintage 2015 CLO deal, according to a market source and a notice of revised proposed amended and restated indenture on Wednesday.

Clear Creek CLO, Ltd./Clear Creek CLO LLC priced $195 million of class A-R senior secured floating-rate notes at Libor plus 120 bps in the AAA-rated tranche.

Barclays was the refinancing placement agent.

The maturity on the notes was extended to Oct. 20, 2030 from the original April 20, 2027 maturity.

The original $307 million Clear Creek CLO, Ltd./Clear Creek CLO LLC vehicle was issued on March 10, 2015.

Carmel, Ind.-based CreekSource is a domestic entity that serves as a limited liability company for 40/86 Advisors, Inc.

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