Chicago, Dec. 2 – Blackstone CLO Management LLC sold $505.79 million in a collateralized loan obligation being issued by Whetstone Park CLO Ltd./Whetstone Park CLO LLC, according to a pre-sale report.
The notes will mature on Jan. 20, 2035.
The CLO consists of $307.5 million of class A-1 senior secured floating-rate notes at Libor plus 112 basis points, $12.5 million of class A-2 senior secured floating-rate notes at Libor plus 135 bps, $43 million of class B-1 senior secured floating-rate notes at Libor plus 160 bps, $17 million of class B-2 2.65% senior secured fixed-rate notes, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 190 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 290 bps, $20 million of class E senior secured deferrable floating-rate notes at Libor plus 615 bps and $45.79 million of subordinated notes.
Blackstone CLO Management LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2027.
Backing for the CLO comes from senior secured loans, cash and eligible with most borrowers based in the United States of Canada.
The notes can be called starting Jan. 20, 2024.
BNP Paribas Securities Corp. was the placement agent.
The New York City-based firm is a subsidiary of Blackstone Group LP.
| Issuer: | Whetstone Park CLO Ltd./Whetstone Park CLO LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $505.79 million
|
| Maturity: | Jan. 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | Blackstone CLO Management LLC
|
| Call feature: | Jan. 20, 2024
|
| Settlement date: | Dec. 7
|
|
|
| Class A-1 notes
|
| Amount: | $307.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $12.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | S&P: NR
|
|
|
| Class B-1 notes
|
| Amount: | $43 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $17 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.65%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 615 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $45.79 million
|
| Securities: | Subordinated notes
|
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