By Cristal Cody
Tupelo, Miss., May 1 – GSO/Blackstone Debt Funds Management LLC priced $1,028,500,000 of notes due April 20, 2029 in the new Catskill Park CLO, Ltd./Catskill Park CLO, LLC transaction, according to a market source.
The CLO sold $612.5 million of class A-1a senior secured floating-rate notes at Libor plus 118 basis points; $47 million of class A-1b senior secured floating-rate notes at Libor plus 170 bps; $80.5 million of class A-2 senior secured floating-rate notes at Libor plus 185 bps; $77.5 million of class B secured deferrable floating-rate notes at Libor plus 235 bps; $57.5 million of class C secured deferrable floating-rate notes at Libor plus 370 bps; $45 million of class D secured deferrable floating-rate notes at Libor plus 645 bps and $108.5 million of subordinated notes.
BofA Merrill Lynch arranged the offering.
GSO/Blackstone will manage the CLO.
The notes have a non-call period that ends April 20, 2019 and a reinvestment period that ends April 20, 2022.
The CLO is collateralized primarily by broadly syndicated first-lien senior secured corporate loans.
GSO/Blackstone has priced three new CLOs and refinanced three vintage CLOs year to date.
The CLO manager 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: | Catskill Park CLO, Ltd./Catskill Park CLO, LLC
|
| Amount: | $1,028,500,000
|
| Maturity: | April 20, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | April 20, 2019
|
| Pricing date: | April 27
|
| Settlement date: | May 15
|
|
|
| Class A-1a notes
|
| Amount: | $612.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $47 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $80.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B notes
|
| Amount: | $77.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $57.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $45 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 645 bps
|
| Rating: | Moody’s: A2
|
|
|
| Equity
|
| Amount: | $108.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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