GSO/Blackstone resets $510.4 million CLO; CVC refinances; Barings eyes second euro deal

By Cristal Cody

Tupelo, Miss., July 20 – U.S. CLO refinancing action remains busy in July as market sources predicted for the month.

GSO/Blackstone Debt Funds Management LLC sold $510.4 million of notes in a refinancing and reset of a 2016 vintage CLO deal that closed on Friday.

CVC Credit Partners, LLC affiliate CVC Credit Partners U.S. CLO Management LLC refinanced $470 million of notes from a 2015 vintage CLO.

U.S. CLO refinancing supply year to date totals more than $65 billion, according to market sources.

In new deal activity, Barings (UK) Ltd. plans to tap the European primary market for a second time this year with a €406.5 million CLO.

More than €15 billion of new issue European CLOs have priced year to date, according to market sources.

In its deal, GSO/Blackstone Debt Funds Management sold $510.4 million of notes in a refinancing and reset of the Webster Park CLO Ltd./Webster Park CLO LLC offering that closed on Friday, according to a market source and a notice of executed first supplemental indenture.

Webster Park CLO priced $300 million of class A-1a-R senior secured floating-rate notes at Libor plus 102 basis points in the senior tranche.

Citigroup Global Markets Inc. arranged the transaction.

The maturity on the notes was revised to July 20, 2030.

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