Blackstone/GSO refinances €330.5 million; euro refinancing, reset supply outpaces new deals

By Cristal Cody

Tupelo, Miss., Aug. 9 – Blackstone/GSO Debt Funds Management Europe Ltd. refinanced €330.5 million of notes in four investment-grade tranches from a 2015 offering.

European deal action has picked up in August in the new issue and refinancing markets with several transactions priced in the past week, sources report.

More than €10 billion of euro-denominated CLOs have priced year to date, while refinancing and reset volume totals about €17 billion year to date.

Blackstone/GSO Debt Funds Management Europe refinanced €330.5 million of notes due June 7, 2029 from the 2015 CLO, according to a market source.

Orwell Park CLO DAC sold €243 million of class A-1-R senior secured floating-rate notes at Euribor plus 78 basis points in the senior tranche.

Deutsche Bank AG, London Branch arranged the deal.

In the original €415 million transaction priced on May 14, 2015, the CLO sold €243 million of class A-1 senior secured floating-rate notes at Euribor plus 130 bps.

Proceeds from the refinancing will be used to redeem the original class A-1, A-2, B and C notes at par.

The CLO is collateralized primarily by broadly syndicated first-lien secured senior corporate loans or senior secured bonds.

Blackstone/GSO Debt Funds Management Europe is a Dublin-based subsidiary of asset manager GSO Capital Partners LP.

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