By Cristal Cody
Eureka Springs, Ark., June 20 – GSO/Blackstone Debt Funds Management LLC priced $650.13 million of notes due July 20, 2028 in the Westcott Park CLO, Ltd./Westcott Park CLO LLC transaction, according to a market source.
The CLO sold $413.44 million of class A senior secured floating-rate notes (Aaa//AAA) at Libor plus 153 basis points (Aaa//AAA); $70.4 million of class B senior secured floating-rate notes (Aa2//) at Libor plus 210 bps; $34.56 million of class C senior secured deferrable floating-rate notes (A2//) at Libor plus 290 bps; $38.4 million of class D secured deferrable floating-rate notes (Baa3//) at Libor plus 435 bps; $32 million of class E secured deferrable floating-rate notes (Ba3//) at Libor plus 720 bps and $61.33 million of subordinated notes.
Wells Fargo Securities, LLC was the placement agent.
GSO/Blackstone will manage the CLO, which is collateralized primarily by first-lien senior secured loans.
The CLO has 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.
| Issuer: | Westcott Park CLO, Ltd./Westcott Park CLO LLC
|
| Amount: | $650.13 million
|
| Maturity: | July 20, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities, LLC
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | 2.8 years
|
| Pricing date: | June 10
|
| Settlement date: | June 30
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $413.44 million
|
| Securities: | Senior secured floating-rate notes
|
| Price: | Par
|
| Coupon: | Libor plus 153 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $70.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Price: | Par
|
| Coupon: | Libor plus 210 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $34.56 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Price: | Par
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $38.4 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Price: | 98.937
|
| Coupon: | Libor plus 435 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $32 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Price: | 95.006
|
| Coupon: | Libor plus 720 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $61.33 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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