By Cristal Cody
Eureka Springs, Ark., Dec. 23 – GSO/Blackstone Debt Funds Management LLC priced $510.45 million of notes due Jan. 20, 2029 in the Taconic Park CLO Ltd./Taconic Park CLO LLC transaction, according to a market source.
The CLO sold $325 million of class A-1 senior secured floating-rate notes at Libor plus 142 basis points; $55 million of class A-2 senior secured floating-rate notes at Libor plus 187 bps; $28 million of class B secured deferrable floating-rate notes at Libor plus 265 bps; $32 million of class C secured deferrable floating-rate notes at Libor plus 405 bps; $20 million of class D secured deferrable floating-rate notes at Libor plus 690 bps and $50.45 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
GSO/Blackstone will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Proceeds from the offering will be used to purchase a $500 million portfolio of mostly senior secured leveraged loans.
GSO/Blackstone has priced five new U.S. CLOs and refinanced one vintage CLO year to date.
The CLO manager priced six CLOs and refinanced one CLO in 2015.
The New York City-based firm is a subsidiary of alternative asset manager GSO Capital Partners LP.
| Issuer: | Taconic Park CLO Ltd./Taconic Park CLO LLC
|
| Amount: | $510.45 million
|
| Maturity: | Jan. 20, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Dec. 13
|
| Settlement date: | Dec. 20
|
|
|
| Class A-1 notes
|
| Amount: | $325 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 142 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $55 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 187 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class B notes
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| Amount: | $28 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class C notes
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| Amount: | $32 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 405 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 690 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $50.45 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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