By Cristal Cody
Tupelo, Miss., May 14 – Blackstone/GSO Debt Funds Management Europe Ltd. priced €410.85 million of notes due July 15, 2031 in the Milltown Park CLO DAC transaction, according to a market source on Monday.
The CLO priced €1.75 million of class X senior secured floating-rate notes at Euribor plus 45 basis points, €248 million of class A-1 senior secured floating-rate notes at Euribor plus 80 bps, €22 million of class A-2A senior secured floating-rate notes at Euribor plus 130 bps and €20 million of 2.1% class A-2B senior secured fixed-rate notes.
Milltown Park CLO also sold €26 million of class B senior secured deferrable floating-rate notes at Euribor plus 180 bps, €19 million of class C senior secured deferrable floating-rate notes at Euribor plus 275 bps, €25 million of class D senior secured deferrable floating-rate notes at Euribor plus 525 bps and €12 million of class E senior secured deferrable floating-rate notes at Euribor plus 725 bps.
The offering included €37.1 million of subordinated notes.
BofA Merrill Lynch was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by euro-denominated senior secured obligations.
Dublin-based Blackstone/GSO Debt Funds Management Europe is a subsidiary of asset manager GSO Capital Partners LP.
| Issuer: | Milltown Park CLO DAC
|
| Amount: | €410.85 million
|
| Maturity: | July 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | Blackstone/GSO Debt Funds Management Europe Ltd.
|
| Call feature: | Two years
|
| Settlement date: | June 12
|
|
|
| Class X notes
|
| Amount: | €1.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 45 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1 notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 80 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | €22 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 130 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class A-2B notes
|
| Amount: | €20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.1%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B notes
|
| Amount: | €26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C notes
|
| Amount: | €19 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 275 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class D notes
|
| Amount: | €25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 525 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class E notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 725 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €37.1 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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