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NYL Investors wraps $511.6 million CLO; GSO/Blackstone markets $512.11 million CLO
By Cristal Cody
Tupelo, Miss., April 4 – New CLO volume year to date totals more than $26 billion and includes a $511.6 million deal that closed on Wednesday.
NYL Investors LLC priced $511.6 million of notes in the transaction.
The new deal pipeline remains active with several issuers marketing CLOs.
GSO/Blackstone Debt Funds Management LLC is offering $512.11 million of CLO notes.
NYL Investors closes deal
NYL Investors sold $511.6 million of notes due April 17, 2031 in the Flatiron CLO 18 Ltd./Flatiron CLO 18 LLC transaction that closed on Wednesday, according to market sources.
Flatiron CLO 18 priced $320 million of class A senior secured floating-rate notes at Libor plus 95 basis points in the senior tranche.
J.P. Morgan Securities LLC arranged the offering.
The CLO is backed mostly by broadly syndicated first-lien senior secured corporate loans.
NYL Investors is a New York-based subsidiary of mutual life insurance company New York Life Insurance Co.
GSO/Blackstone offers CLO
GSO/Blackstone Debt Funds Management is offering $512.11 million of notes due April 2031 in the Chenago Park CLO, Ltd./Chenago Park CLO, LLC transaction, according to a market source.
The deal is expected to include $307.5 million of class A-1a floating-rate notes (//AAA); $17.5 million of class A-1b floating-rate notes (//AAA); $46.5 million of class A-2 floating-rate notes; $38.75 million of class B floating-rate notes; $30.5 million of class C floating-rate notes; $18.75 million of class D floating-rate notes; $7.5 million of class E floating-rate notes and $45.11 million of subordinated notes.
BNP Paribas Securities Corp. is the placement agent.
Chenago Park CLO is backed primarily by broadly syndicated first-lien senior secured loans.
New York City-based investment management firm GSO/Blackstone is a subsidiary of the Blackstone Group, LP.
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