By Cristal Cody
Tupelo, Miss., June 23 – GSO/Blackstone Debt Funds Management LLC refinanced $507 million of notes due May 18, 2023 at par in a vintage 2012 collateralized loan obligation transaction, according to a market source.
Marine Park CLO Ltd./Marine Park CLO LLC sold $343 million of class A1A-R senior secured floating-rate notes at Libor plus 128 basis points, $10 million of 2.51% class A1B-R senior secured fixed-rate notes and $61.75 million of class A2-R senior secured floating-rate notes at Libor plus 180 bps.
The CLO also refinanced $41.75 million of class B-R senior secured deferrable floating-rate notes at Libor plus 260 bps, $24.25 million of class C-R senior secured deferrable floating-rate notes at Libor plus 355 bps and $26.25 million of class D-R senior secured deferrable floating-rate notes at Libor plus 545 bps.
Morgan Stanley & Co. LLC was the refinancing agent.
GSO/Blackstone is the CLO manager.
The deal is backed primarily by broadly syndicated first lien senior secured corporate loans.
GSO/Blackstone has been in the primary market with three new CLO deals year to date.
The New York City-based subsidiary of alternative asset manager GSO Capital Partners LP brought five U.S. CLOs in 2014.
| Issuer: | Marine Park CLO Ltd./Marine Park CLO LLC
|
| Amount: | $507 million
|
| Maturity: | May 18, 2023
|
| Securities: | Fixed-rate and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Morgan Stanley & Co. LLC
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Pricing date: | June 10
|
|
|
| Class A1A-R notes
|
| Amount: | $343 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 128 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa (expected)
|
| Standard & Poor’s: AAA (expected)
|
|
|
| Class A1B-R notes
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.51%
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa (expected)
|
| Standard & Poor’s: AAA (expected)
|
|
|
| Class A2-R notes
|
| Amount: | $61.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Price: | Par
|
| Ratings: | Standard & Poor’s: AA (expected)
|
|
|
| Class B-R notes
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| Amount: | $41.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Price: | Par
|
| Ratings: | Standard & Poor’s: A (expected)
|
|
|
| Class C-R notes
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| Amount: | $24.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Price: | Par
|
| Ratings: | Standard & Poor’s: BBB (expected)
|
|
|
| Class D-R notes
|
| Amount: | $26.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 545 bps
|
| Price: | Par
|
| Ratings: | Standard & Poor’s: BB- (expected)
|
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