GSO/Blackstone preps $649.29 million CLO; PineBridge to bring $400 million Galaxy XXII

By Cristal Cody

Eureka Springs, Ark., June 9 – GSO/Blackstone Debt Funds Management LLC plans to bring its first U.S. CLO offering of 2016 in the Westcott Park CLO, Ltd./Westcott Park CLO LLC transaction, according to a market source on Thursday.

Also, PineBridge Investments LLC intends to price $400 million of notes in a new CLO offering, its first deal since 2015.

In primary action, Cairn Loan Investments LP sold €362.93 million of notes due July 30, 2029 in the Cairn CLO VI BV transaction via Barclays, according to a market source. Final pricing details were not available by press time.

GSO/Blackstone to price

GSO/Blackstone Debt Funds Management plans to price $649.29 million of notes due July 20, 2028 in the Westcott Park CLO 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.

PineBridge CLO on tap

PineBridge Investments plans to price $400 million of notes in a new CLO deal, according to a market source.

The Galaxy XXII CLO, Ltd./Galaxy CLO XXII LLC offering includes $256.4 million of class A floating-rate notes (//AAA); $44.8 million of class B floating-rate notes (//AA); $27.6 million of class C floating-rate notes; $19.2 million of class D floating-rate notes; $20 million of class E floating-rate notes; $6 million of class F floating-rate notes and $26 million of subordinated notes.

Goldman Sachs & Co. is the placement agent.

PineBridge will manage the CLO.

The CLO will have a two-year non-call period and a four-year reinvestment period.

The deal is backed primarily by first-lien senior secured loans.

Proceeds will be used to purchase a portfolio of about $400 million of mostly senior secured leveraged loans.

PineBridge Investments priced three U.S. CLO transactions and one euro-denominated CLO deal in 2015.

The asset management firm is based in New York City.

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