GSO Capital Partners, the credit arm of private equity firm The Blackstone Group, has priced a $369 million collateralized loan obligation.

The CLO, Riverside Park CLO, refinances a deal put in place in 2008, according to a presale report from Standard & Poor’s.

The $266 million AAA-rated tranche was priced at Libor plus 126 bps, while the $32 million AA tranche was priced at Libor plus 200 bps, the $36 million A tranche at Libor plus 250 bps, the $20 million CCC tranche at Libor plus 275 bps, and the $15 million BB tranche at Libor plus 300 bps.

The $108 million equity tranche is unrated.

The transaction is a refinancing of Riverside Park CLO Ltd., which was issued on April 15, 2008, according to the presale report. The new issuance will be collateralized by the same assets that the issuer purchased during the past three years.

The proceeds from the new notes' issuance plus cash currently available to the issuer will amount to $464.6 million, which will be sufficient to repay the existing rated debt of $438.75 million.

Once the refinancing is completed the issuer will have $400 million in assets and $369 million of rated debt.


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