By Cristal Cody
Tupelo, Miss., April 26 – GSO Capital Partners, LP priced $573.79 million of notes due April 25, 2029 in the Diamond CLO 2019-1, Ltd./Diamond CLO 2019-1, LLC middle-market collateralized loan obligation transaction that closed on Friday, according to market sources.
The CLO sold $319,125,000 of class A-1 floating-rate notes at Libor plus 160 basis points; $37,375,000 of class A-2 floating-rate notes at Libor plus 185 bps; $34.5 million of class B floating-rate notes at Libor plus 250 bps; $51.75 million of class C deferrable floating-rate notes at Libor plus 360 bps; $34.5 million of class D deferrable floating-rate notes at Libor plus 475 bps; $31,625,000 of class E deferrable floating-rate notes at Libor plus 805 bps and $64,915,000 of subordinated notes.
Wells Fargo Securities LLC was the placement agent.
The CLO has a two-year non-call period and a two-year reinvestment period.
The notes are backed by middle-market senior secured term loans.
The deal is GSO Capital’s second middle-market CLO transaction after pricing one middle-market deal in 2018.
GSO Capital Partners is a subsidiary of the Blackstone Group LP.
| Issuer: | Diamond CLO 2019-1, Ltd./Diamond CLO 201-1, LLC
|
| Amount: | $573.79 million
|
| Maturity: | April 25, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Middle-market CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | GSO Capital Partners, LP
|
| Call feature: | Two years
|
| Pricing date: | April 12
|
| Settlement date: | April 26
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $319,125,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
| Class A-2 notes
|
| Amount: | $37,375,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $34.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $51.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $34.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 475 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $31,625,000
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 805 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $64,915,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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