Blackstone/GSO prepares to price upsized €558.05 million Elm Park CLO

By Cristal Cody

Eureka Springs, Ark., April 26 – Blackstone/GSO Debt Funds Management Europe Ltd. is expected to price an upsized €558.05 million of notes in the Elm Park CLO Designated Activity Co. transaction this week, according to the company and a market source.

The deal includes €324.5 million of class A-1 floating-rate notes (/AAA); €60.5 million of class A-2 floating-rate notes (/AA); €42.5 million of class B floating-rate notes (/A); €26.25 million of class C floating-rate notes (/BBB); €33.5 million of class D floating-rate notes (/BB); €14 million of class E floating-rate notes (/B-) and €56.8 million of subordinated notes.

The transaction originally was sized in the €400 million area, according to a company report in March.

Deutsche Bank AG, London Branch is arranging the deal.

Blackstone/GSO will manage the CLO.

The notes are due April 15, 2030 and are non-callable until April 15, 2018. The reinvestment period on the CLO ends April 15, 2020.

Blackstone/GSO Corporate Funding Ltd. is expected to purchase a majority of the equity tranche at closing.

The CLO is backed primarily by euro-denominated senior secured loans.

Dublin-based Blackstone/GSO Debt Funds Management Europe, a subsidiary of asset manager GSO Capital Partners LP, priced three euro-denominated CLO deals in 2015.

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