Blackstone/GSO prices €409.8 million CLO; PineBridge refinances notes; Ares reprices

By Cristal Cody

Tupelo, Miss., July 31 – Blackstone/GSO Debt Funds Management Europe Ltd. priced a €409.8 million euro-denominated CLO offering on Tuesday in the manager’s third new deal of the year.

In other pricing action in the European market, PineBridge Investments Europe Ltd. sold €371.2 million of notes in a refinancing of a vintage 2016 CLO.

Also in the refinancing market, Ares CLO Management LLC repriced $390 million of the AAA-rated notes from a vintage 2016 dollar-denominated CLO.

Blackstone/GSO brings CLO

Blackstone/GSO Debt Funds Management Europe priced €409.8 million of notes due Oct. 22, 2032 in the new transaction, according to market sources.

Dunedin Park CLO DAC priced €248 million of class A-1 senior secured floating-rate notes at Euribor plus 112 basis points at the top of the capital structure.

Deutsche Bank AG, London Branch was the placement agent.

The deal is backed primarily by euro-denominated secured senior obligations.

Blackstone/GSO is a Dublin-based manager and affiliate of Blackstone Group LP.

PineBridge refinances notes

PineBridge Investments Europe priced €371.2 million of notes due Nov. 10, 2030 in the CLO refinancing, according to a market source and a notice to noteholders.

Euro-Galaxy V CLO BV sold €184 million of the class A-R senior secured floating-rate notes at par to yield Euribor plus 88 bps.

Merrill Lynch International was the refinancing placement agent.

PineBridge Investments Europe will continue to manage the CLO, which is backed primarily by euro-denominated senior secured loans and bonds. Credit Industriel et Commercial SA also will remain as the junior collateral manager.

The original CLO deal was issued Nov. 10, 2016. In that offering, the €411.1 million vehicle had priced €184 million of the class A-1 senior secured floating-rate notes at Libor plus 114 bps.

Proceeds will be used to redeem the outstanding notes.

PineBridge is an affiliate of New York City-based asset management firm PineBridge Investments LLC.

Ares reprices $390 million

Ares CLO Management priced $390 million of class A-R senior floating-rate notes from Ares XLI CLO Ltd./Ares XLI CLO LLC at Libor plus 120 bps, according to a market source and a notice of changed pages to proposed first supplemental indenture.

The notes are due Jan. 15, 2029.

BNP Paribas Securities Corp. was the refinancing placement agent.

The CLO originally was issued Dec. 21, 2016. In that offering, Ares CLO Management had priced $390 million of class A notes at Libor plus 141 bps.

Proceeds will be used to redeem the outstanding class A notes.

The CLO is backed primarily by senior secured corporate loans.

Ares Management is an alternative asset management firm and subsidiary of Ares Management LLC based in Los Angeles.

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