By Cristal Cody
Tupelo, Miss., May 15 – Blackstone/GSO Debt Funds Management Europe Ltd. refinanced €404.38 million of notes due May 14, 2027 in the vintage 2014 Holland Park CLO DAC transaction, according to a market source.
The CLO sold €291.88 million of class A-1R senior secured floating-rate notes at Euribor plus 93 basis points, €58.75 million of class A-2-R senior secured floating-rate notes at Euribor plus 160 bps, €30 million of class B-R senior secured deferrable floating-rate notes at Euribor plus 190 bps and €23.75 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 287 bps.
BNP Paribas, London Branch was the refinancing agent.
Blackstone/GSO will continue to manage the CLO.
In the original transaction priced on April 3, 2014, the CLO sold €291.88 million of class A-1 senior secured floating-rate notes at Euribor plus 140 bps, €58.75 million of class A-2 senior secured floating-rate notes at Euribor plus 200 bps, €30 million of class B senior secured deferrable floating-rate notes at Euribor plus 265 bps, €23.75 million of class C senior secured deferrable floating-rate notes at Euribor plus 345 bps, €37.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 475 bps and €17.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 575 bps and €54.25 million of subordinated notes.
Proceeds from the offering will be used to redeem the original notes.
The CLO is collateralized primarily by European leveraged loans and bonds.
Blackstone/GSO priced three new euro-denominated CLO transactions in 2016.
The Dublin-based manager is an affiliate of Blackstone Group LP.
| Issuer: | Holland Park CLO DAC
|
| Amount: | €404,375,000 refinancing
|
| Maturity: | May 14, 2027
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | BNP Paribas, London Branch
|
| Manager: | Blackstone/GSO Debt Funds Management Europe Ltd.
|
| Pricing date: | May 5
|
|
|
| Class A-1-R notes
|
| Amount: | €291,875,000
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 93 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | €58.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B-R notes
|
| Amount: | €30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 190 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A+
|
|
|
| Class C-R notes
|
| Amount: | €23.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 287 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB+
|
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