Chicago, June 2 – Blackstone CLO Management LLC sold $409.5 million of notes in a new collateralized loan obligation issued by Tallman Park CLO Ltd./Tallman Park CLO LLC, according to a pre-sale report.
The notes mature April 20, 2034.
The CLO consists of $248 million of class A senior secured floating-rate notes at Libor plus 106 basis points, $56 million of class B senior secured floating-rate notes at Libor plus 150 bps, $24 million of class C senior secured deferrable floating-rate notes at Libor plus 195 bps, $24 million of class D senior secured deferrable floating-rate notes at Libor plus 310 bps and $14.8 million of class E senior secured deferrable floating-rate notes at Libor plus 635 bps.
There are also $42.7 million of subordinated notes.
Barclays is the initial purchaser.
Blackstone will manage the collateral, senior secured term loans, through the five-year reinvestment period.
The notes have two years of call protection.
The issuer is a New York City-based firm.
| Issuers: | Tallman Park CLO Ltd./Tallman Park CLO LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $409.5 million
|
| Maturity: | April 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Blackstone CLO Management LLC
|
| Call feature: | April 20, 2023
|
| Settlement date: | May 28
|
|
|
| Class A notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 106 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 635 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $42.7 million
|
| Securities: | Subordinated notes
|
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