By Cristal Cody
Tupelo, Miss., June 14 – GSO/Blackstone Debt Funds Management LLC priced $533.44 million of 10-year notes in a refinancing and reset of a vintage 2015 collateralized loan obligation transaction, according to a market source and a notice of further revised proposed supplemental indenture on Wednesday.
Dorchester Park CLO DAC/Dorchester Park CLO LLC sold $324 million of class A-R senior secured floating-rate notes at Libor plus 90 basis points; $57.25 million of class B-R senior secured floating-rate notes at Libor plus 145 bps; $25 million of class C-R secured deferrable floating-rate notes at Libor plus 175 bps; $27.5 million of class D-R secured deferrable floating-rate notes at Libor plus 240 bps; $24.75 million of class E-R secured deferrable floating-rate notes at Libor plus 500 bps; $8 million of class F-R secured deferrable floating-rate notes at Libor plus 671 bps and $66.44 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the refinancing placement agent.
GSO/Blackstone will continue to manage the CLO.
The maturity on the notes was extended to April 20, 2028 from the original Jan. 20, 2027 maturity.
The reset CLO is non-callable until April 20, 2019. The reinvestment period ends April 20, 2020.
The original $509.44 million CLO was issued Feb. 26, 2015. The CLO had placed $312.5 million of class A floating-rate notes at Libor plus 140 bps; $62.75 million of class B floating-rate notes at Libor plus 220 bps; $27.25 million of class C deferrable floating-rate notes at Libor plus 320 bps; $19 million of class D deferrable floating-rate notes at Libor plus 355 bps; $25 million of class E deferrable floating-rate notes at Libor plus 525 bps; $17 million of class F deferrable floating-rate notes at Libor plus 625 bps and $49.94 million of income notes.
Proceeds will be used to redeem the original notes.
GSO/Blackstone is a New York City-based subsidiary of alternative asset manager GSO Capital Partners LP.
| Issuer: | Dorchester Park CLO DAC/Dorchester Park CLO LLC
|
| Amount: | $533.44 million refinancing
|
| Maturity: | April 20, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | April 20, 2019
|
| Settlement date: | June 20
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $324.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 90 bps
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $57.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | Moody’s: Aa2 expected
|
| S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $25 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | Moody’s: A2 expected
|
| S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $27.5 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Ratings: | Moody’s: Baa3 expected
|
| S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $24.75 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Ratings: | Moody’s: Ba3 expected
|
| S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | $8 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 671 bps
|
| Ratings: | Moody’s: B3 expected
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | $66.44 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
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