Chicago, Oct. 5 – Blackstone Liquid Credit Strategies LLC sold $508 million in a collateralized loan obligation being issued by Nyack Park CLO Ltd./Nyack Park CLO LLC, according to a pre-sale report.
The notes will mature on Oct. 20, 2034.
The CLO consists of $4 million of class X senior secured floating-rate notes at Libor plus 65 basis points, $307.5 million of class A senior secured floating-rate notes at Libor plus 112 bps, $55 million of class B-1 senior secured floating-rate notes at Libor plus 160 bps, $17.5 million of class B-2 4.44% senior secured fixed-rate notes, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 195 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 280 bps, $18.5 million of class E senior secured deferrable floating-rate notes at Libor plus 610 bps and $45.5 million of subordinated notes.
Blackstone Liquid Credit Strategies LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
The collateral pool will consist of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 15, 2023.
Nomura Securities International Inc. was the placement agent.
The New York City-based firm is a subsidiary of Blackstone Group LP.
| Issuers: | Nyack Park CLO Ltd./Nyack Park CLO LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $508 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Nomura Securities International Inc.
|
| Manager: | Blackstone Liquid Credit Strategies LLC
|
| Call feature: | Oct. 15, 2023
|
| Settlement date: | Oct. 15
|
|
|
| Class X notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $307.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $55 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.44%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 610 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $45.5 million
|
| Securities: | Subordinated notes
|
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