Chicago, Feb. 19 – Blackstone Ireland Ltd. is repricing seven classes of notes for €381.94 million from the Dartry Park CLO DAC, according to a market source.
The refinance notes, due Jan. 30, 2034, include €2.45 million of class X senior secured floating-rate notes at Euribor plus 28 basis points, €248 million of class A-1 senior secured floating-rate notes at Euribor plus 83 bps and €35 million of class A-2 senior secured floating-rate notes at Euribor plus 140 bps,
Also included in the refinancing are €26 million of class B senior secured deferrable floating-rate notes at Euribor plus 230 bps, €26.5 million of class C senior secured deferrable floating-rate notes at Euribor plus 335 bps, €24.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 575 bps and €12 million of class E senior secured deferrable floating-rate notes at Euribor plus 767 bps.
An additional €7.49 million of subordinated notes will be issued on the refinancing date. This is in addition to the €44.6 million of subordinated notes which will remain outstanding from the original transaction.
Proceeds from the refinancing will be used to redeem the class A-1A Notes, class A-1B Notes, class A-2A Notes, class A-2B Notes, class B Notes and class C Notes due in 2029 that were issued on July 28, 2017. And, proceeds will also redeem the class D notes and class E notes due 2029 that were issued on March 16, 2015.
The reinvestment period has been extended four years as part of the refinancing.
The CLO is collateralized mostly by senior secured loans or bonds.
Blackstone Ireland will manage the portfolio.
The Dublin-based manager is an affiliate of Blackstone Group LP.
| Issuer: | Dartry Park CLO DAC
|
| Amount: | $381.94 million
|
| Maturity: | Jan. 30, 2034
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Manager: | Blackstone Ireland Ltd.
|
| Announcement date: | Feb. 19
|
|
|
| Class X notes
|
| Amount: | €2.45 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 28 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1 notes
|
| Amount: | €248 million
|
| Securities: | Senior Secured floating-rate notes
|
| Coupon: | Libor plus 83 bps
|
| Rating: | Moody's: Aaa
|
|
|
|
|
| Class A-2 notes
|
| Amount: | €35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B notes
|
| Amount: | €26 million
|
| Securities: | Senior Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Rating: | Moody's: A2
|
|
|
| Class C notes
|
| Amount: | €26.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class D notes
|
| Amount: | €24.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class E notes
|
| Amount: | €12 million
|
| Securities: | Senior Secured Deferrable floating-rate notes
|
| Coupon: | Libor plus 767 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | €7.49 million
|
| Securities: | Subordinated notes
|
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