By Cristal Cody
Eureka Springs, Ark., Aug. 1 – Blackstone/GSO Debt Funds Management Europe Ltd. priced €453.6 million of notes due Sept. 15, 2029 in the Griffith Park CLO DAC transaction, according to a market source.
The CLO sold €261.8 million of class A-1 senior secured floating-rate notes (Aaa/AAA) at par to yield Euribor plus 123 basis points, €47.3 million of class A-2A senior secured floating-rate notes (Aa2/AA) at par to yield Euribor plus 200 bps and €11 million of 2.15% class A-2B senior secured fixed-rate notes (Aa2/AA) at par.
The CLO also priced €22.7 million of class B senior secured deferrable floating-rate notes (A2/A) at par to yield Euribor plus 300 bps; €23.5 million of class C senior secured deferrable floating-rate notes (Baa2/BBB) at 98.4 with a coupon of Euribor plus 410 bps; €26.8 million of class D senior secured deferrable floating-rate notes (Ba2/BB) at 93.93 with a coupon of Euribor plus 640 bps; €11.8 million of class E senior secured deferrable floating-rate notes (B2/B-/) at 89 with a coupon of Euribor plus 935 bps and €48.7 million of subordinated notes.
The deal was upsized from €412.5 million.
Barclays was the bookrunner.
Blackstone/GSO Debt Funds Management Europe will manage the CLO.
The offering has a two-year non-call period and a four-year reinvestment period.
The CLO is backed primarily by euro-denominated secured senior obligations.
Dublin-based Blackstone/GSO is a subsidiary of asset manager GSO Capital Partners LP.
| Issuer: | Griffith Park CLO DAC
|
| Amount: | €453.6 million
|
| Maturity: | Sept. 15, 2029
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Blackstone/GSO Debt Funds Management Europe Ltd.
|
| Call feature: | Two years
|
| Pricing date: | July 28
|
| Settlement date: | Sept. 8
|
|
|
| Class A-1 notes
|
| Amount: | €261.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 123 bps
|
| Price: | Par
|
| Yield: | Euribor plus 123 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2A notes
|
| Amount: | €47.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Price: | Par
|
| Yield: | Euribor plus 200 bps
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class A-2B notes
|
| Amount: | €11 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.15%
|
| Price: | Par
|
| Yield: | 2.15%
|
| Ratings: | Moody’s: Aa2
|
| S&P: AA
|
|
|
| Class B notes
|
| Amount: | €22.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Price: | Par
|
| Yield: | Euribor plus 300 bps
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
|
|
| Class C notes
|
| Amount: | €23.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 410 bps
|
| Price: | 98.4
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
|
|
| Class D notes
|
| Amount: | €26.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 640 bps
|
| Price: | 93.93
|
| Ratings: | Moody’s: Ba2
|
| S&P: BB
|
|
|
| Class E notes
|
| Amount: | €11.8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 935 bps
|
| Price: | 89
|
| Ratings: | Moody’s: B2
|
| S&P: B-
|
|
|
| Equity
|
| Amount: | €48.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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