Chicago, May 7 – Blackstone Ireland Ltd. refinanced €465.1 million of notes and a loan in the Crosthwaite Park CLO DAC transaction, according to multiple notices.
The maturity date has been extended to March 15, 2034 from March 2032.
The refinancing includes the €149 million of class A-1A senior secured floating-rate notes at Euribor plus 85 basis points (on top of 85 bps price talk), €151 million of a class A-1A senior secured floating-rate loan at Euribor plus 85 bps (on top of 85 bps talk), €10 million of class A-1B senior secured floating-rate notes at Euribor plus 120 bps (on top of 120 bps talk), €40 million of class A-2A senior secured floating-rate notes at Euribor plus 160 bps (on top of 160 bps talk) and €10 million of class A-2B 2% senior secured fixed-rate notes (on top of 2% talk).
Lower, there are €22.5 million of class B-1 deferrable floating-rate notes at Euribor plus 230 bps (on top of 230 bps talk), €10 million of class B-2 2.7% (on top of 2.7% talk) deferrable fixed-rate notes, €31.3 million of class C deferrable floating-rate notes at Euribor plus 315 bps (low to 330 bps talk), €26.3 million of class D deferrable floating-rate notes at Euribor plus 596 bps (low to 620 bps talk with a discount of 98) and €15 million of class E deferrable floating-rate notes at Euribor plus 869 bps (low to 870 bps talk with an original discount of 96).
In the original transaction, the CLO sold €242 million of class A-1A floating-rate notes (Aaa) at Euribor plus 108 bps, €10 million of class A-1B floating-rate notes (Aaa) at Euribor plus 140 bps, €30 million of class A-2A floating-rate notes (Aa2) at Euribor plus 185 bps and €22.5 million of 2.5% class A-2B fixed-rate notes (Aa2).
The CLO also originally priced €28 million of class B senior secured deferrable floating-rate notes (A2) at Euribor plus 260 bps, €33 million of class C senior secured deferrable floating-rate notes (Baa3) at Euribor plus 360 bps, €26.5 million of class D senior secured deferrable floating-rate notes (Ba3) at Euribor plus 575 bps, €12 million of class E senior secured deferrable floating-rate notes (B3) at Euribor plus 805 bps and €51 million of subordinated notes.
Collateral comes chiefly from senior secured loans or senior secured bonds.
Blackstone Ireland will manage the collateral through the 4.3-year reinvestment period.
The non-call period is through Nov. 18, 2022.
GreensLedge Capital Markets Europe LLP and NatWest Markets plc are joint placement agents.
Dublin-based Blackstone is a subsidiary of asset manager GSO Capital Partners LP.
| Issuer: | Crosthwaite Park CLO DAC
|
| Issue: | Floating-rate notes, floating-rate loan and fixed-rate notes
|
| Structure: | Cash flow CLO
|
| Amount: | €465.1 million
|
| Maturity: | March 15, 2034
|
| Agents: | GreensLedge Capital Markets Europe LLP and NatWest Markets plc
|
| Manager: | Blackstone Ireland Ltd.
|
| Call: | Nov. 18, 2022
|
| Settlement date: | May 18
|
|
|
| Class A-1A notes
|
| Amount: | €149 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 85 bps
|
| Rating: | Moody's: Aaa
|
| Price talk: | Euribor plus 85 bps
|
|
|
| Class A-1A loan
|
| Amount: | €151 million
|
| Securities: | Senior secured floating-rate loan
|
| Coupon: | Euribor plus 85 bps
|
| Rating: | Moody's: Aaa
|
| Price talk: | Euribor plus 85 bps
|
|
|
| Class A-1B notes
|
| Amount: | €10 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 120 bps
|
| Rating: | Moody's: Aaa
|
| Price talk: | Euribor plus 120 bps
|
|
|
| Class A-2A notes
|
| Amount: | €40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Rating: | Moody's: Aa2
|
| Price talk: | Euribor plus 160 bps
|
|
|
| Class A-2B notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2%
|
| Rating: | Moody's: Aa2
|
| Price talk: | 2%
|
|
|
| Class B-1 notes
|
| Amount: | €22.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 230 bps
|
| Rating: | Moody's: A2
|
| Price talk: | Euribor plus 230 bps
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Deferrable fixed-rate notes
|
| Coupon: | 2.7%
|
| Rating: | Moody's: A2
|
| Price talk: | 2.7%
|
|
|
| Class C notes
|
| Amount: | €31.3 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 315 bps
|
| Rating: | Moody's: Baa3
|
| Price talk: | Euribor plus 330 bps
|
|
|
| Class D notes
|
| Amount: | €26.3 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 596 bps
|
| Rating: | Moody's: Ba3
|
| Price talk: | Euribor plus 620 bps
|
|
|
| Class E notes
|
| Amount: | €15 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Euribor plus 869 bps
|
| Rating: | Moody's: B3
|
| Price talk: | Euribor plus 870 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
