By Cristal Cody
Tupelo, Miss., Aug. 21 – GSO/Blackstone Debt Funds Management LLC sold $509.6 million of notes due Oct. 20, 2030 in a new collateralized loan obligation offering, according to market sources.
Myers Park CLO Ltd./Myers Park CLO LLC priced $293.75 million of class A-1 floating-rate notes at Libor plus 112 basis points, $26.25 million of class A-2 floating-rate notes at Libor plus 140 bps, $42.5 million of class B-1 floating-rate notes at Libor plus 160 bps and $15 million of 4.53% class B-2 fixed-rate notes.
The CLO also sold $30 million of class C deferrable floating-rate notes at Libor plus 205 bps, $31 million of class D deferrable floating-rate notes at Libor plus 300 bps, $18.5 million of class E deferrable floating-rate notes at Libor plus 525 bps and $52.6 million of subordinated notes.
Barclays arranged the transaction.
GSO/Blackstone will manage the CLO.
The CLO has a two-year non-call period and five-year reinvestment period.
The deal is backed primarily by broadly syndicated first-lien senior secured corporate loans.
GSO/Blackstone is a New York City-based subsidiary of alternative asset manager GSO Capital Partners LP.
| Issuer: | Myers Park CLO Ltd./Myers Park CLO LLC
|
| Amount: | $509.6 million
|
| Maturity: | Oct. 20, 2030
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | GSO/Blackstone Debt Funds Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Aug. 16
|
| Settlement date: | Sept. 20
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Class A-1 notes
|
| Amount: | $292.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 112 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $26.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $42.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.53%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $31 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $52.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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