Chicago, Jan. 24 – Blackstone CLO Management LLC sold $507.9 million in a collateralized loan obligation being issued by Boyce Park CLO Ltd./Boyce Park CLO LLC, according to a pre-sale report.
The notes will mature on April 21, 2034 for the class A-1 notes if the investor condition is satisfied, and April 21, 2035 for all other notes and the A-1 notes if the investor condition is not satisfied.
The CLO consists of $307.5 million of class A-1 senior secured floating-rate notes at SOFR plus 132 basis points, $12.5 million of class A-2 senior secured floating-rate notes at SOFR plus 165 bps, $42 million of class B-1 senior secured floating-rate notes at SOFR plus 185 bps, $18 million of class B-2 2.95% senior secured fixed-rate notes, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 225 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 325 bps, $20 million of class E senior secured deferrable floating-rate notes at SOFR plus 670 bps and $47.9 million of subordinated notes.
Blackstone CLO Management LLC will manage the collateral through the end of the reinvestment period on April 21, 2027.
The notes will be backed by a pool of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 21, 2024.
BofA Securities Inc. was the placement agent.
The New York City-based firm is a subsidiary of Blackstone Group LP.
| Issuer: | Boyce Park CLO Ltd./Boyce Park CLO LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $507.9 million
|
| Maturity: | April 21, 2034 for the class A-1 notes if the investor condition is satisfied, April 21, 2035 for all other notes and the A-1 notes if the investor condition is not satisfied
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Blackstone CLO Management LLC
|
| Call feature: | April 21, 2024
|
| Settlement date: | March 10
|
|
|
| Class A-1 notes
|
| Amount: | $307.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 132 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $12.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 165 bps
|
| Rating: | S&P: NR
|
|
|
| Class B-1 notes
|
| Amount: | $42 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $18 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.95%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 325 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 670 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $47.9 million
|
| Securities: | Subordinated notes
|
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