By Rebecca Melvin
New York, Feb. 5 – GSO/Blackstone Debt Funds Management LLC sold $509.44 million of notes due Jan. 20, 2027 in a collateralized loan obligation deal, according to a market source.
Dorchester Park CLO Ltd./ Dorchester Park CLO LLC priced $312.5 million of class A floating-rate notes (//AAA) at Libor plus 140 basis points.
The CLO sold $62.75 million of class B floating-rate notes (//AA) at Libor plus 220 bps; $27.25 million of class C deferrable floating-rate notes (//A) at Libor plus 320 bps; $19 million of class D deferrable floating-rate notes (//BBB) at Libor plus 355 bps; $25 million of class E deferrable floating-rate notes (//BB) at Libor plus 525 bps and $17 million of class F deferrable floating-rate notes (//B) at Libor plus 625 bps.
The offering included $49.94 million of income notes in the equity tranche.
Deutsche Bank Securities Inc. was arranger and placement agent.
GSO/Blackstone Debt Funds Management will manage the CLO.
The CLO has a two-year non-call period and a four-year reinvestment period.
Collateral consists of broadly syndicated U.S. high-yield corporate loans.
GSO/Blackstone previously was in the U.S. primary market in December with the $510 million Bowman Park CLO Ltd./Bowman Park CLO LLC offering.
The New York City-based subsidiary of alternative asset manager GSO Capital Partners LP priced five U.S. CLO transactions in 2014.
| Issuer: | Dorchester Park CLO Ltd./Dorchester park CLO LLC
|
| Amount: | $509.44 million
|
| Maturity: | Jan. 20, 2027
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Arranger: | Deutsche Bank Securities Inc.
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | 2017
|
| Pricing date: | Feb. 4
|
| Settlement date: | Feb. 26
|
|
|
| Class A notes
|
| Amount: | $312.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $62.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $27.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $19 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Rating: | Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | $25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | Fitch: BB
|
|
|
| Class F notes
|
| Amount: | $17 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | Fitch: B
|
|
|
| Equity tranche
|
| Amount: | $49.94 million
|
| Securities: | Income notes
|
| Ratings: | Non-rated
|
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