By Cristal Cody
Eureka Springs, Ark., May 2 – Blackstone/GSO Debt Funds Management Europe Ltd. sold €558.15 million of notes due April 15, 2030 in the Elm Park CLO Designated Activity Co. transaction, according to a market source.
The CLO priced €324.5 million of class A-1 senior secured floating-rate notes (Aaa/AAA) at Euribor plus 150 basis points and €60.5 million of class A-2 senior secured floating-rate notes (Aa2/AA) at Euribor plus 210 bps in the senior tranches.
Elm Park CLO also sold €42.5 million of class B senior secured deferrable floating-rate notes (A2/A) at Euribor plus 315 bps; €26.25 million of class C senior secured deferrable floating-rate notes (Baa2/BBB) at Euribor plus 435 bps; €33.5 million of class D senior secured deferrable floating-rate notes (Ba2/BB) at Euribor plus 640 bps; €14 million of class E senior secured deferrable floating-rate notes (B2/B-) at Euribor plus 865 bps and €56.9 million of subordinated notes.
The CLO was upsized from an initial €400 million expected offering.
Deutsche Bank AG, London Branch arranged the deal.
Blackstone/GSO will manage the CLO.
The notes are non-callable until April 15, 2018. The reinvestment period on the CLO ends April 15, 2020.
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.
| Issuer: | Elm Park CLO Designated Activity Co.
|
| Amount: | €558.15 million
|
| Maturity: | April 15, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank AG, London Branch
|
| Manager: | Blackstone/GSO Debt Funds Management Europe Ltd.
|
| Call feature: | April 15, 2018
|
| Pricing date: | April 27
|
| Settlement date: | May 27
|
|
|
| Class A-1 notes
|
| Amount: | €324.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 150 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €60.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 210 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class B notes
|
| Amount: | €42.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 315 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class C notes
|
| Amount: | €26.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 435 bps
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class D notes
|
| Amount: | €33.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 640 bps
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
|
|
| Class E notes
|
| Amount: | €14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 865 bps
|
| Ratings: | Moody’s: B2
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | €56.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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