By Cristal Cody
Tupelo, Miss., June 6 – GSO/Blackstone Debt Funds Management LLC priced $453.17 million of notes due July 17, 2032 at par in a new collateralized loan obligation offering, according to a market source.
Niagara Park CLO Ltd./Niagara Park CLO LLC sold $288 million of class A floating-rate notes at Libor plus 130 basis points; $51.3 million of class B floating-rate notes at Libor plus 180 bps; $28.58 million of class C floating-rate notes at Libor plus 240 bps; $27 million of class D floating-rate notes at Libor plus 355 bps; $14.18 million of class E floating-rate notes at Libor plus 645 bps and $44.12 million of subordinated notes.
BNP Paribas Securities Corp. was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
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: | Niagara Park CLO Ltd./Niagara Park CLO LLC
|
| Amount: | $453.17 million
|
| Securities: | Floating-rate and subordinated notes
|
| Maturity: | July 17, 2032
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | Two years
|
| Pricing date: | May 23
|
| Settlement date: | June 28
|
|
|
| Class A notes
|
| Amount: | $288 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Price: | Par
|
| Rating: | Moody’s: Aaa expected
|
|
|
| Class B notes
|
| Amount: | $51.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Price: | Par
|
| Rating: | S&P: AA expected
|
|
|
| Class C notes
|
| Amount: | $28.58 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Price: | Par
|
| Rating: | S&P: A expected
|
|
|
| Class D notes
|
| Amount: | $27 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Price: | Par
|
| Rating: | S&P: BBB- expected
|
|
|
| Class E notes
|
| Amount: | $14.18 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 645 bps
|
| Price: | Par
|
| Rating: | S&P: BB- expected
|
|
|
| Equity
|
| Amount: | $44.12 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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