GSO set to price $510.32 million notes in Pinnacle Park CLO offering

By Cristal Cody

Tupelo, Miss., April 1 - GSO Capital Partners LP plans to offer $510.32 million of notes due 2026 in the Pinnacle Park CLO Ltd./Pinnacle Park CLO LLC collateralized loan obligation offering, according to an informed source on Tuesday.

The previously announced transaction was upsized from an initial $400 million size estimate.

The CLO intends to price $307.5 million of class A floating-rate notes (//AAA), $63.75 million of class B floating-rate notes, $28,125,000 of class C floating-rate notes, $31.25 million of class D floating-rate notes, $29,375,000 of class E floating-rate notes, $5,938,000 of class F floating-rate notes and $44,385,000 of subordinated notes.

Wells Fargo Securities LLC is the placement agent.

GSO/Blackstone Debt Funds Management LLC will manage the CLO, which is backed primarily by first-lien senior secured loans.

The CLO will have a two-year non-call period and a four-year reinvestment period.

The proceeds will be used to purchase a $500 million portfolio of primarily senior secured leveraged loans.

GSO Capital Partners was in the U.S. CLO primary market in 2013 with the $413.35 million Keuka Park CLO, Ltd./Keuka Park CLO, LLC offering and the $515.95 million Tryon Park CLO, Ltd./Tryon Park CLO Corp. deal.

The New York City-based asset management firm is an affiliate of Blackstone Group LP.

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