Bain Capital prices $611.7 million CLO; GSO/Blackstone refinances 2015 notes

By Cristal Cody

Tupelo, Miss., June 14 – Bain Capital Credit CLO Advisors, LP priced $611.7 million of notes in the manager’s second new CLO deal of the year.

Some new CLOs that priced in June have printed AAAs at more than Libor plus 100 basis points.

Bain Capital brought its AAA tranche at Libor plus 108 bps.

In other recently reported issuance, Invesco RR Fund LP also priced its AAA tranche in the Betony CLO 2 Ltd. deal on June 5 at Libor plus 108 bps.

Looking at other deal action, GSO/Blackstone Debt Funds Management LLC refinanced $533.44 million of notes from a vintage 2015 CLO.

Bain brings 2018-2 CLO

Bain Capital Credit CLO Advisors priced $611.7 million of notes due July 19, 2031 in a new CLO deal, according to a market source.

Bain Capital Credit CLO 2018-2 Ltd./Bain Capital Credit CLO 2018-2 LLC sold $354 million of class A-1 floating-rate notes at Libor plus 108 bps in the senior tranche.

Barclays arranged the deal.

The CLO manager was last in the primary market on March 12 with the $611.3 million Bain Capital Credit CLO 2018-1 Ltd./Bain Capital Credit CLO 2018-1 LLC deal.

Bain Capital Credit is an asset management firm based in Boston.

GSO/Blackstone resets CLO

GSO/Blackstone Debt Funds Management priced $533.44 million of 10-year notes in a refinancing and reset of the Dorchester Park CLO DAC/Dorchester Park CLO LLC deal, according to a market source and a notice of further revised proposed supplemental indenture on Wednesday.

Dorchester Park CLO sold $324 million of class A-R senior secured floating-rate notes at Libor plus 90 bps at the top of the capital structure.

Credit Suisse Securities (USA) LLC was the refinancing placement agent.

The maturity on the notes was extended to April 20, 2028 from the original Jan. 20, 2027 maturity.

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.

GSO/Blackstone is a New York City-based subsidiary of alternative asset manager GSO Capital Partners LP.

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