By Cristal Cody
Tupelo, Miss., Dec. 9 – Blackstone/GSO Debt Funds Management Europe Ltd. priced €415 million of notes due Jan. 17, 2028 in a collateralized loan obligation offering, according to a market source.
Castle Park CLO Ltd. sold €238 million of class A-1 senior secured floating-rate notes at Euribor plus 135 basis points, €32 million of class A-2A senior secured floating-rate notes at Euribor plus 215 bps and €15 million of 3% class A-2B senior secured fixed-rate notes.
The CLO also priced €23 million of class B senior secured deferrable floating-rate notes at Euribor plus 270 bps; €23 million of class C senior secured deferrable floating-rate notes at Euribor plus 365 bps; €26 million of class D senior secured deferrable floating-rate notes at Euribor plus 560 bps; €12 million of class E senior secured deferrable floating-rate notes at Euribor plus 650 bps and €46 million of subordinated notes.
BofA Merrill Lynch International Ltd. arranged the deal.
Blackstone/GSO will manage the CLO, which is secured primarily by secured senior obligations.
Proceeds from the offering will be used to purchase a €400 million portfolio comprised mainly of European leveraged loans and bonds.
Blackstone/GSO Debt Funds Management Europe was last in the primary market with the €517 million Sorrento Park CLO Ltd. deal on Sept. 23. The firm has priced four euro-denominated CLO transactions year to date.
The Dublin-based subsidiary of asset manager GSO Capital Partners LP brought three European CLO offerings in 2013.
| Issuer: | Castle Park CLO Ltd.
|
| Amount: | €415 million
|
| Maturity: | Jan. 17, 2028
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Merrill Lynch International Ltd.
|
| Manager: | Blackstone/GSO Debt Funds Management Europe Ltd.
|
| Pricing date: | Nov. 28
|
| Settlement date: | Dec. 18
|
| Distribution: | Private placement
|
|
|
| Class A-1 notes
|
| Amount: | €238 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 135 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2A notes
|
| Amount: | €32 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 215 bps
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class A-2B notes
|
| Amount: | €15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3%
|
| Ratings: | Moody’s: Aa2
|
| Fitch: AA
|
|
|
| Class B notes
|
| Amount: | €23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 270 bps
|
| Ratings: | Moody’s: A2
|
| Fitch: A
|
|
|
| Class C notes
|
| Amount: | €23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 365 bps
|
| Ratings: | Moody’s: Baa2
|
| Fitch: BBB
|
|
|
| Class D notes
|
| Amount: | €26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 560 bps
|
| Ratings: | Moody’s: Ba2
|
| Fitch: BB
|
|
|
| Class E notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 650 bps
|
| Ratings: | Moody’s: B2
|
| Fitch: B-
|
|
|
| Equity tranche
|
| Amount: | €46 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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