By Cristal Cody
Tupelo, Miss., April 17 – Blackstone/GSO Debt Funds Management Europe Ltd. priced €501.25 million of notes due April 16, 2029 at par in a refinancing of the vintage 2016 Elm Park CLO DAC transaction, according to a market source.
The CLO priced €324.5 million of class A-1-R senior secured floating-rate notes at Euribor plus 62 basis points and €60.5 million of class A-2-R senior secured floating-rate notes at Euribor plus 120 bps.
Elm Park CLO also sold €42.5 million of class B-R senior secured deferrable floating-rate notes at Euribor plus 170 bps; €26.25 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 245 bps; €33.5 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 525 bps and €14 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 725 bps.
Barclays arranged the offering.
Blackstone/GSO is the CLO manager.
The original €558.15 million CLO was issued May 26, 2016. The CLO had priced €324.5 million of class A-1 senior secured floating-rate notes at Euribor plus 150 bps and €60.5 million of class A-2 senior secured floating-rate notes at Euribor plus 210 bps in the senior tranches.
Elm Park CLO also sold €42.5 million of class B senior secured deferrable floating-rate notes at Euribor plus 315 bps; €26.25 million of class C senior secured deferrable floating-rate notes at Euribor plus 435 bps; €33.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 640 bps; €14 million of class E senior secured deferrable floating-rate notes at Euribor plus 865 bps and €56.9 million of subordinated notes.
Proceeds were used to redeem the original notes. The subordinated notes will remain outstanding.
The CLO is backed primarily by euro-denominated senior secured loans.
Dublin-based Blackstone/GSO Debt Funds Management Europe is a subsidiary of asset manager GSO Capital Partners LP.
| Issuer: | Elm Park CLO DAC
|
| Amount: | €501.25 million refinancing
|
| Maturity: | April 16, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Barclays
|
| Manager: | Blackstone/GSO Debt Funds Management Europe Ltd.
|
| Settlement date: | April 16
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | €324.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 62 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | €60.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 120 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aa1
|
| S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | €42.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Price: | Par
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class C-R notes
|
| Amount: | €26.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 245 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class D-R notes
|
| Amount: | €33.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 525 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
|
|
| Class E-R notes
|
| Amount: | €14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 725 bps
|
| Price: | Par
|
| Ratings: | Moody’s: B1
|
| S&P: B-
|
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