Chicago, Jan. 18 – Blackstone Liquid Credit Strategies LLC sold $510.85 million in a collateralized loan obligation being issued by Kings Park CLO Ltd./Kings Park CLO LLC, according to a pre-sale report.
The notes will mature on Jan. 21, 2035.
The CLO consists of $315 million of class A senior secured floating-rate notes at Libor plus 113 basis points, $30 million of class B-1 senior secured floating-rate notes at Libor plus 165 bps, $35 million of class B-2 2.62% senior secured fixed-rate notes, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 195 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 295 bps, $20 million of class E senior secured deferrable floating-rate notes at Libor plus 625 bps and $50.85 million of subordinated notes.
Blackstone Liquid Credit Strategies LLC will manage the collateral through the end of the reinvestment period on Jan. 21, 2027.
Collateral will be broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Dec. 21, 2023.
Greensledge Capital Markets LLC was the placement agent.
The New York City-based firm is a subsidiary of Blackstone Group LP.
| Issuer: | Kings Park CLO Ltd./Kings Park CLO LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $510.85 million
|
| Maturity: | Jan. 21, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Greensledge Capital Markets LLC
|
| Manager: | Blackstone Liquid Credit Strategies LLC
|
| Call feature: | Dec. 21, 2023
|
| Settlement date: | Dec. 21
|
|
|
| Class A notes
|
| Amount: | $315 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $35 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.62%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 625 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $50.85 million
|
| Securities: | Subordinated notes
|
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