By Cristal Cody
Eureka Springs, Ark., Sept. 27 – GSO/Blackstone Debt Funds Management LLC refinanced $414.9 million of notes Dec. 24, 2023 on Monday in a 2012 vintage collateralized loan obligation deal, according to a market source.
Finn Square CLO Ltd. priced $319.3 million of class A-1-R senior secured floating-rate notes at Libor plus 121 basis points. The original class A-1 tranche priced at Libor plus 139 bps.
The CLO sold $56.1 million of class A-2-R senior secured floating-rate notes at Libor plus 170 bps. The original tranche priced at Libor plus 220 bps.
Finn Square CLO refinanced $19.5 million of class B-1-R senior secured deferrable floating-rate notes at Libor plus 220 bps. The class B-1 notes originally priced at Libor plus 280 bps.
The CLO also refinanced $20 million of class B-2 senior secured deferrable floating-rate notes at Libor plus 220 bps. The original class B-2 notes priced with a fixed-rate coupon of 4.4%.
The $24.6 million tranche of class C notes and $25.2 million tranche of class D notes were not refinanced and remain outstanding.
GSO/Blackstone is the CLO manager.
Proceeds from the deal were used to refinance the original notes.
The transaction is collateralized mainly by broadly syndicated first-lien senior secured loans.
The CLO manager has priced two U.S. CLO deals and refinanced one vintage CLO year to date.
GSO/Blackstone brought six U.S. CLO deals and one refinanced transaction to market in 2015.
The New York City-based firm is a subsidiary of alternative asset manager GSO Capital Partners LP.
| Issuer: | Finn Square CLO Ltd.
|
| Amount: | $414.9 million refinancing
|
| Maturity: | Dec. 24, 2023
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Settlement date: | Sept. 26
|
|
|
| Class A-1-R notes
|
| Amount: | $319.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 121 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2-R notes
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| Amount: | $56.1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-1-R notes
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| Amount: | $19.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: A
|
|
|
| Class B-2-R notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Rating: | S&P: A
|
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