By Cristal Cody
Tupelo, Miss., May 16 – Blackstone/GSO Debt Funds Management Europe Ltd. refinanced €412.5 million of notes due Nov. 16, 2027 in the vintage 2014 Sorrento Park CLO DAC transaction, according to a market source on Tuesday.
The CLO sold €290 million of class A-1A-R senior secured floating-rate notes at Euribor plus 95 basis points, €5 million of 1.2% class A-1B-R senior secured fixed-rate notes, €28.75 million of class A-2A-R senior secured floating-rate notes at Euribor plus 155 bps, €30 million of 2.3% class A-2B-R senior secured fixed-rate notes; €30 million of class B-R senior secured deferrable floating-rate notes at Euribor plus 200 bps and €28.75 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 300 bps.
Barclays was the refinancing agent.
Blackstone/GSO will continue to manage the CLO.
In the original deal priced on Sept. 23, 2014, the CLO sold €290 million of the class A-1A senior secured floating-rate notes at Euribor plus 125 bps; €5 million of 1.85% class A-1B senior secured fixed-rate notes; €28.75 million of class A-2A senior secured floating-rate notes at Euribor plus 200 bps; €30 million of 2.71% class A-2B senior secured fixed-rate notes; €30 million of class B senior secured deferrable floating-rate notes at Euribor plus 255 bps; €28.75 million of class C senior secured deferrable floating-rate notes at Euribor plus 340 bps; €30 million of class D senior secured deferrable floating-rate notes at Euribor plus 490 bps; €17.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 625 bps and €57 million of subordinated notes.
Proceeds from the offering will be used to redeem the original notes.
The deal is backed primarily by European first-lien senior secured leveraged loans.
Blackstone/GSO has refinanced four CLOs and priced one new CLO year to date.
In 2016, Blackstone/GSO placed three new euro-denominated CLO transactions.
The Dublin-based manager is an affiliate of Blackstone Group LP.
| Issuer: | Sorrento Park CLO DAC
|
| Amount: | €412.5 million refinancing
|
| Maturity: | Nov. 16, 2027
|
| Securities: | Fixed- and floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Barclays
|
| Manager: | Blackstone/GSO Debt Funds Management Europe Ltd.
|
|
|
| Class A-1A-R notes
|
| Amount: | €290 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 95 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1B-R notes
|
| Amount: | €5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 1.2%
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2A-R notes
|
| Amount: | €28.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 155 bps
|
| Ratings: | Moody’s: Aa1
|
| Fitch: AA+
|
|
|
| Class A-2B-R notes
|
| Amount: | €30 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.3%
|
| Ratings: | Moody’s: Aa1
|
| Fitch: AA+
|
|
|
| Class B-R notes
|
| Amount: | €30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C-R notes
|
| Amount: | €28.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
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