Chicago, June 1 – Blackstone Liquid Credit Strategies LLC sold $503.9 million in a collateralized loan obligation being issued by Davis Park CLO, Ltd., according to multiple press releases.
The notes will mature on April 20, 2035.
The CLO consists of $312.5 million of class A senior secured floating-rate notes at SOFR plus 142 basis points, $67.5 million of class B senior secured floating-rate notes at SOFR plus 200 bps, $27.5 million of class C mezzanine secured deferrable floating-rate notes at SOFR plus 225 bps, $32.5 million of class D mezzanine secured deferrable floating-rate notes at SOFR plus 350 bps, $19 million of class E junior secured deferrable floating-rate notes at SOFR plus 695 bps and $44.9 million of subordinated notes.
Blackstone Liquid Credit Strategies LLC will manage the collateral through the end of the 4.9-year reinvestment period.
Collateral for the notes consists of first-lien senior secured leveraged loans.
BofA Securities, Inc. was the placement agent.
The New York City-based firm is a subsidiary of Blackstone Group LP.
| Issuer: | Davis Park CLO, Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $503.9 million
|
| Maturity: | April 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities, Inc.
|
| Manager: | Blackstone Liquid Credit Strategies LLC
|
| Settlement date: | June 3
|
|
|
| Class A notes
|
| Amount: | $312.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 142 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $67.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $32.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 350 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $19 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 695 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $44.9 million
|
| Securities: | Subordinated notes
|
|
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