By Cristal Cody
Tupelo, Miss., May 28 – GSO/Blackstone Debt Funds Management LLC sold $588.8 million of notes due July 20, 2028 in a refinancing of a 2016 vintage collateralized loan obligation transaction, according to a market source and a notice of proposed supplemental indenture and notice of optional redemption by refinancing.
Westcott Park CLO Ltd./Westcott Park CLO LLC priced $413.44 million of class A-R senior secured floating-rate notes at Libor plus 121 basis points, $70.4 million of class B-R senior secured floating-rate notes at Libor plus 175 bps, $34.56 million of class C-R secured deferrable floating-rate notes at Libor plus 225 bps, $38.4 million of class D-R secured deferrable floating-rate notes at Libor plus 325 bps and $32 million of class E-R secured deferrable floating-rate notes at Libor plus 640 bps.
Wells Fargo Securities, LLC was the refinancing placement agent.
GSO/Blackstone will continue to manage the CLO.
The CLO has a nine-month remaining non-call period and a two-year reinvestment period.
In the original $650.13 million transaction issued June 30, 2016, the CLO priced $413.44 million of class A senior secured floating-rate notes at Libor plus 153 bps; $70.4 million of class B senior secured floating-rate notes at Libor plus 210 bps; $34.56 million of class C senior secured deferrable floating-rate notes at Libor plus 290 bps; $38.4 million of class D secured deferrable floating-rate notes at Libor plus 435 bps; $32 million of class E secured deferrable floating-rate notes at Libor plus 720 bps and $61.33 million of subordinated notes.
Proceeds will be used to redeem the original notes.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
GSO/Blackstone is a New York City-based subsidiary of alternative asset manager GSO Capital Partners LP.
| Issuer: | Westcott Park CLO Ltd./Westcott Park CLO LLC
|
| Amount: | $588.8 million refinancing
|
| Maturity: | July 20, 2028
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Wells Fargo Securities, LLC
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | Nine months
|
| Pricing date: | May 16
|
| Settlement date: | June 6
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-R notes
|
| Amount: | $413.44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 121 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B-R notes
|
| Amount: | $70.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C-R notes
|
| Amount: | $34.56 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D-R notes
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| Amount: | $38.4 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 325 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E-R notes
|
| Amount: | $32 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 640 bps
|
| Rating: | Moody’s: Ba3 expected
|
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