By Cristal Cody
Tupelo, Miss., Oct. 2 – GSO/Blackstone Debt Funds Management LLC refinanced $352 million of class A notes due Oct. 20, 2029 (expected Aaa//AAA) from the 2016 vintage Burnham Park CLO Ltd./Burnham Park CLO LLC transaction, according to a market source.
Burnham Park CLO priced the class A-R senior secured floating-rate notes at par to yield Libor plus 115 basis points.
Citigroup Global Markets Inc. was the refinancing placement agent.
The class A-R notes will have a non-call period to but excluding the payment date in October 2020.
GSO/Blackstone originally issued the CLO on Oct. 26, 2016 and refinanced all of the tranches except the AAA-rated tranche on Nov. 28, 2018.
In the original offering issued Oct. 26, 2016, the CLO priced $352 million of class A floating-rate notes at Libor plus 143 bps; $63.25 million of class B floating-rate notes at Libor plus 180 bps; $39.05 million of class C floating-rate notes at Libor plus 240 bps; $30.25 million of class D floating-rate notes at Libor plus 385 bps; $21.45 million of class E floating-rate notes at Libor plus 685 bps and $52.07 million of subordinated notes.
In the 2018 refinancing, the CLO sold $63.25 million of class B-R senior secured floating-rate notes at Libor plus 150 bps, $39.05 million of class C-R secured deferrable floating-rate notes at Libor plus 215 bps, $30.25 million of class D-R secured deferrable floating-rate notes at Libor plus 285 bps and $21.45 million of class E-R secured deferrable floating-rate notes at Libor plus 540 bps.
Proceeds from the second refinancing will be used to redeem the original class A notes.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
New York City-based GSO/Blackstone is a subsidiary of alternative asset manager GSO Capital Partners LP.
| Issuer: | Burnham Park CLO Ltd./Burnham Park CLO LLC
|
| Amount: | $352 million
|
| Maturity: | Oct. 20, 2029
|
| Securities: | Senior secured floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Coupon: | Libor plus 131 bps
|
| Price: | Par
|
| Call feature: | To but excluding payment date in October 2020
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
| Pricing date: | Sept. 20
|
| Settlement date: | Oct. 21
|
| Distribution: | Rule 144A and Regulation S
|
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