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Prospect News home > News index > List of issuers F > Headlines for Finn Square CLO Ltd. > News item
Published on 9/27/2016 in the Prospect News CLO Daily.

GSO/Blackstone refinances $414.9 million CLO; managers refinance nearly $6 billion in 2016

By Cristal Cody

Eureka Springs, Ark., Sept. 27 – CLO refinancing activity continues to be active, with details emerging for GSO/Blackstone Debt Funds Management LLC’s refinanced transaction.

The CLO manager refinanced $414.9 million of notes in a vintage 2012 CLO deal.

Refinancing activity accounts for more than 25% of CLO issuance in September, according to a J.P. Morgan Securities LLC note.

Year to date, about $6 billion of CLOs have been refinanced.

Since the financial crisis, 67 CLOs totaling $24.6 billion have been refinanced, according to the JPMorgan note.

In the secondary market on Monday, 29 high-grade CBO/CDO/CLO issues totaling $388.5 million and 19 non-investment-grade CBO/CDO/CLO securities totaling $85.33 million traded, according to Trace.

GSO/Blackstone refinances

GSO/Blackstone Debt Funds Management refinanced $414.9 million of notes Dec. 24, 2023 in four tranches on Monday in the vintage CLO 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 in the senior tranche. The original class A-1 tranche priced at Libor plus 139 bps.

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.


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