Chicago, March 30 – Blackstone Ireland Ltd. repriced eight classes of notes for €465 million from the vintage Elm Park CLO DAC transaction, according to a notice.
The maturity date has been extended to April 17, 2034 from April 16, 2029.
The portfolio has €2.5 million of class X senior secured floating-rate notes at Euribor plus 30 basis points, €119 million of class A-1 senior secured floating-rate notes at Euribor plus 82 bps, €191 million of class A-1 senior secured floating-rate loans at Euribor plus 82 bps, €39 million of class A-2A senior secured floating-rate notes at Euribor plus 163 bps and €11 million of class A-2B 2.03% senior secured fixed-rate notes.
Lower, there are €35 million of class B senior secured deferrable floating-rate notes at Euribor plus 240 bps, €30 million of class C senior secured deferrable floating-rate notes at Euribor plus 350 bps, €25 million of class D senior secured deferrable floating-rate notes at Euribor plus 616 bps and €12.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 851 bps.
Proceeds from the new notes will be used to redeem the refinancing notes issued in 2018 which were originally issued in 2016.
There are €56.93 million of subordinated notes which are not part of the refinancing but will remain outstanding.
Blackstone Ireland will continue to manage the collateral through the 4.5-year reinvestment period.
The notes can be called starting Oct. 15, 2022.
Deutsche Bank AG, London Branch is the initial purchaser of the refinancing notes.
The manager is an investment firm based in Dublin.
| Issuer: | Elm Park CLO DAC
|
| Issue: | Floating-rate, fixed-rate bonds and floating-rate loans
|
| Structure: | Cash flow CLO
|
| Amount: | €465 million
|
| Maturity: | April 17, 2034
|
| Agent: | Deutsche Bank AG, London Branch
|
| Manager: | Blackstone Ireland Ltd.
|
| Call: | Oct. 15, 2022
|
| Announcement date: | March 29
|
| Settlement date: | April 15
|
|
|
| Class X notes
|
| Amount: | €2.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 30 bps
|
| Rating: | Moody's: Aaa
|
| Price talk: | 30 bps issued at par
|
|
|
| Class A-1 notes
|
| Amount: | €119 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 82 bps
|
| Rating: | Moody's: Aaa
|
| Price talk: | 82 bps issued at par
|
|
|
| Class A-1 loans
|
| Amount: | €191 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Euribor plus 82 bps
|
| Rating: | Moody's: Aaa
|
| Price talk: | 82 bps issued at par
|
|
|
| Class A-2A notes
|
| Amount: | €39 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 163 bps
|
| Rating: | Moody's: Aa2
|
| Price talk: | 163 bps issued at par
|
|
|
| Class A-2B notes
|
| Amount: | €11 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.03%
|
| Rating: | Moody's: Aa2
|
| Price talk: | 2.03% bps issued at par
|
|
|
| Class B notes
|
| Amount: | €35 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 240 bps
|
| Rating: | Moody's: A2
|
| Price talk: | 240 bps issued at par
|
|
|
| Class C notes
|
| Amount: | €30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 350 bps
|
| Rating: | Moody's: Baa3
|
| Price talk: | 350 bps issued at par
|
|
|
| Class D notes
|
| Amount: | €25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 616 bps
|
| Rating: | Moody's: Ba2
|
| Price talk: | 621 bps issued at 97.5
|
|
|
| Class E notes
|
| Amount: | €12.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 851 bps
|
| Rating: | Moody's: B2
|
| Price talk: | 870 bps issued at 94.5
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
