GSO/Blackstone to price $649.29 million notes due 2028 in Westcott Park CLO

By Cristal Cody

Eureka Springs, Ark., June 9 – GSO/Blackstone Debt Funds Management LLC plans to price $649.29 million of notes due July 20, 2028 in the Westcott Park CLO, Ltd./Westcott Park CLO LLC transaction, according to a market source.

The Rule 144A-eligible offering includes $413.44 million of class A senior secured floating-rate notes (Aaa//AAA); $70.4 million of class B senior secured floating-rate notes (Aa2); $34.56 million of class C senior secured deferrable floating-rate notes (A2); $38.4 million of class D secured deferrable floating-rate notes (Baa3); $32 million of class E secured deferrable floating-rate notes (Ba3) and $60.49 million of subordinated notes.

Wells Fargo Securities, LLC is the placement agent.

GSO/Blackstone will manage the CLO, which is collateralized primarily by first-lien senior secured loans.

The CLO will have a 2.8-year non-call period and a 4.8-year reinvestment period.

Proceeds will be used to purchase a $640 million portfolio of mostly senior secured leveraged loans.

GSO/Blackstone priced six U.S. CLOs and refinanced one vintage CLO in 2015.

The subsidiary of alternative asset manager GSO Capital Partners LP is based in New York.

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