By Cristal Cody
Tupelo, Miss., April 24 – GSO/Blackstone Debt Funds Management LLC priced $514.6 million of notes due April 20, 2029 in the new Thayer Park CLO, Ltd./Thayer Park CLO, LLC transaction, according to a market source on Monday.
The CLO sold $302.5 million of class A-1 senior secured floating-rate notes at Libor plus 118 basis points; $64.5 million of class A-2 senior secured floating-rate notes at Libor plus 160 bps; $39.5 million of class B secured deferrable floating-rate notes at Libor plus 235 bps; $28.75 million of class C secured deferrable floating-rate notes at Libor plus 370 bps; $24.75 million of class D secured deferrable floating-rate notes at Libor plus 630 bps and $54.6 million of subordinated notes.
BNP Paribas Securities Corp. arranged the offering.
GSO/Blackstone will manage the CLO.
The CLO is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
GSO/Blackstone priced five new U.S. CLOs and refinanced one vintage CLO in 2016.
The New York City-based firm is a subsidiary of Blackstone Group LP.
| Issuer: | Thayer Park CLO, Ltd./Thayer Park CLO, LLC
|
| Amount: | $514.6 million
|
| Maturity: | April 20, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Pricing date: | April 20
|
| Settlement date: | May 16
|
|
|
| Class A-1 notes
|
| Amount: | $302.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $64.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B notes
|
| Amount: | $39.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $28.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $24.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 630 bps
|
| Rating: | Moody’s: A2
|
|
|
| Equity
|
| Amount: | $54.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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