By Cristal Cody
Tupelo, Miss., Dec. 7 – Blackstone Ireland Ltd. priced a €323.5 million collateralized loan obligation offering of notes due Jan. 16, 2034 last week, according to market sources.
Marino Park CLO DAC sold €1.5 million of class X senior secured floating-rate notes at Euribor plus 45 basis points, €201.5 million of class A-1 senior secured floating-rate notes at Euribor plus 107 bps, €30.5 million of class A-2A senior secured floating-rate notes at Euribor plus 170 bps and €22.5 million of class B senior secured floating-rate notes at Euribor plus 270 bps.
The CLO priced €18 million of class C senior secured deferrable floating-rate notes at Euribor plus 355 bps, €19.5 million of class D senior secured deferrable floating-rate notes at Euribor plus 567 bps, €6 million of class E senior secured deferrable floating-rate notes at Euribor plus 803 bps and €24 million of subordinated notes.
BofA Securities, Inc. was the placement agent.
The CLO has a three-year reinvestment period.
The broadly syndicated CLO is backed primarily by euro-denominated senior secured obligations.
Blackstone has priced four euro-denominated CLOs year to date.
The Dublin-based CLO manager is part of the Blackstone Group Inc.
| Issuer: | Marino Park CLO DAC
|
| Amount: | €323.5 million
|
| Maturity: | Jan. 16, 2034
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities, Inc.
|
| Manager: | Blackstone Ireland Ltd.
|
| Settlement date: | Dec. 23
|
|
|
| Class X notes
|
| Amount: | €1.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 45 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-1 notes
|
| Amount: | €201.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 107 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2A notes
|
| Amount: | €30.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class B notes
|
| Amount: | €22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 270 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class C notes
|
| Amount: | €18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 355 bps
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
|
|
| Class D notes
|
| Amount: | €19.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 567 bps
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB-
|
|
|
| Class E notes
|
| Amount: | €6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 803 bps
|
| Ratings: | Moody’s: B3
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | €24 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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