By Cristal Cody
Tupelo, Miss., July 19 – GSO/Blackstone Debt Funds Management LLC priced $503.45 million of notes due July 20, 2032 in a new collateralized loan obligation offering, according to a market source.
Southwick Park CLO Ltd./Southwick Park CLO LLC sold $320 million of class A-1 floating-rate notes at Libor plus 130 basis points, $10 million of class A-2 floating-rate notes at Libor plus 165 bps, $28.75 million of class B-1 floating-rate notes at Libor plus 175 bps and $20 million of 3.95% class B-2 fixed-rate notes.
The CLO also priced $29.75 million of class C deferrable floating-rate notes at Libor plus 250 bps, $30 million of class D deferrable floating-rate notes at Libor plus 385 bps, $21.5 million of class E deferrable floating-rate notes at Libor plus 670 bps and $43.45 million of subordinated notes.
Barclays 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: | Southwick Park CLO Ltd./Southwick Park CLO LLC
|
| Amount: | $503.45 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Maturity: | July 20, 2032
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | Two years
|
| Pricing date: | July 11
|
| Settlement date: | Aug. 22
|
|
|
| Class A-1 notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Ratings: | S&P: Non-rated
|
|
|
| Class A-2 notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $28.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.95%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $29.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $21.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 670 bps
|
| Rating: | S&P: BB- expected
|
|
|
| Equity
|
| Amount: | $43.45 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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