By Cristal Cody
Tupelo, Miss., Sept. 19 – Blackstone/GSO Debt Funds Management Europe Ltd. priced €409.4 million of notes due November 2031 in the Sutton Park CLO DAC transaction, according to a market source.
In the senior secured tranches, the CLO sold €1.4 million of class X floating-rate notes (Aaa//AAA) at Euribor plus 53 basis points, €242 million of class A-1A floating-rate notes (Aaa//AAA) at Euribor plus 90 bps, €4 million of class A-1B floating-rate notes (Aaa//AAA) at Euribor plus 105 bps, €23 million of class A-2A floating-rate notes (Aa2//AA) at Euribor plus 170 bps and €20 million of 2.18% class A-2B fixed-rate notes (Aa2//AA).
The CLO also priced €25 million of class B senior secured deferrable floating-rate notes (A2//A) at Euribor plus 235 bps, €24 million of class C senior secured deferrable floating-rate notes (Baa3//BBB-) at Euribor plus 330 bps, €22 million of class D senior secured deferrable floating-rate notes (Ba3//BB) at Euribor plus 520 bps, €12 million of class E senior secured deferrable floating-rate notes (B2//B-) at Euribor plus 693 bps and €36 million of subordinated notes.
BNP Paribas, London Branch was the placement agent.
The CLO has a two-year non-call period and a 4.5-year reinvestment period.
The deal 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: | Sutton Park CLO DAC
|
| Amount: | €409.4 million
|
| Maturity: | November 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas, London Branch
|
| Manager: | Blackstone/GSO Debt Funds Management Europe Ltd.
|
| Call feature: | Two years
|
| Settlement date: | Oct. 31
|
|
|
| Class X notes
|
| Amount: | €1.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 53 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1A notes
|
| Amount: | €242 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 90 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-1B notes
|
| Amount: | €4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 105 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | €23 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class A-2B notes
|
| Amount: | €20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.18%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B notes
|
| Amount: | €25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 235 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 330 bps
|
| Ratings: | Moody’s: Baa3
|
| Fitch: BBB-
|
|
|
| Class D notes
|
| Amount: | €22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 520 bps
|
| Ratings: | Moody’s: Ba3
|
| Fitch: BB
|
|
|
| Class E notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 693 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity
|
| Amount: | €36 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
© 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.
