By Cristal Cody
Tupelo, Miss., April 4 - GSO Capital Partners LP priced an upsized $510,323,000 of notes due April 15, 2026 in the Pinnacle Park CLO Ltd./Pinnacle Park CLO LLC collateralized loan obligation offering, according to an informed source on Friday.
The CLO priced $307.5 million of class A senior secured floating-rate notes (Aaa//AAA) at Libor plus 150 basis points; $63.75 million of class B senior secured floating-rate notes (Aa2) at Libor plus 210 bps; $28,125,000 of class C secured deferrable floating-rate notes (A2) at Libor plus 310 bps; $31.25 million of class D secured deferrable floating-rate notes (Baa3) at Libor plus 350 bps; $29,375,000 of class E secured deferrable floating-rate notes (Ba3) at Libor plus 495 bps and $5,938,000 of class F secured deferrable floating-rate notes (B2) at Libor plus 555 bps.
The deal included $44,385,000 of subordinated notes in the equity tranche.
The offering was upsized from $400 million.
Wells Fargo Securities LLC was the placement agent.
GSO/Blackstone Debt Funds Management LLC, a New York City-based subsidiary of alternative asset manager GSO Capital Partners, will manage the CLO.
The offering has a two-year non-call period and a four-year reinvestment period.
The CLO is backed primarily by first-lien senior secured loans and eligible investments.
Proceeds from the deal 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.
| Issuer: | Pinnacle Park CLO Ltd./Pinnacle Park CLO LLC
|
| Amount: | $510,323,000
|
| Maturity: | April 15, 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | 2016
|
| Pricing date: | April 3
|
| Settlement date: | April 28
|
|
|
| Class A notes
|
| Amount: | $307.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $63.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $28,125,000
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $31.25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | $29,375,000
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 495 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
|
| Amount: | $5,938,000
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 555 bps
|
| Rating: | Moody's: B2
|
|
|
| Equity tranche
|
| Amount: | $44,385,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
