By Cristal Cody
Tupelo, Miss., Feb. 27 – GSO/Blackstone Debt Funds Management LLC priced $460 million of notes due Jan. 20, 2029 in a refinancing of the 2016 Taconic Park CLO Ltd./Taconic Park CLO LLC transaction, according to a notice of revised proposed supplemental indenture on Wednesday.
The CLO sold $325 million of class A-1-R senior secured floating-rate notes at Libor plus 100 basis points, $55 million of class A-2-R senior secured floating-rate notes at Libor plus 145 bps, $28 million of class B-R secured deferrable floating-rate notes at Libor plus 190 bps, $32 million of class C-R secured deferrable floating-rate notes at Libor plus 300 bps and $20 million of class D-R secured deferrable floating-rate notes at Libor plus 695 bps.
Credit Suisse Securities (USA) LLC was the refinancing placement agent.
GSO/Blackstone will continue to manage the CLO.
The CLO has an extended non-call period to but excluding March 4, 2021.
In the original $510.45 million offering issued Dec. 20, 2016, the CLO sold $325 million of class A-1 senior secured floating-rate notes at Libor plus 142 bps; $55 million of class A-2 senior secured floating-rate notes at Libor plus 187 bps; $28 million of class B secured deferrable floating-rate notes at Libor plus 265 bps; $32 million of class C secured deferrable floating-rate notes at Libor plus 405 bps; $20 million of class D secured deferrable floating-rate notes at Libor plus 690 bps and $50.45 million of subordinated notes.
Proceeds will be used to redeem the original notes.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
The New York City-based firm is a subsidiary of alternative asset manager GSO Capital Partners LP.
| Issuer: | Taconic Park CLO Ltd./Taconic Park CLO LLC
|
| Amount: | $460 million refinancing
|
| Maturity: | Jan. 20, 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | To but excluding March 4, 2021
|
| Settlement date: | March 4
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1-R notes
|
| Amount: | $325 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $55 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B-R notes
|
| Amount: | $28 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C-R notes
|
| Amount: | $32 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D-R notes
|
| Amount: | $20 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 695 bps
|
| Rating: | Moody’s: Ba3
|
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