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Victoria Zhuang

Blackstone Credit today priced its fourth US CLO new issue of the year, Captree Park via Citi, according to pricing terms seen by 9fin.

Captree Park follows Belmont Park and Peebles Park in February and Brookhaven Park in March, according to 9fin data.

Today’s new issue surpassed Blackstone’s earlier ones this year in achieving tighter prints throughout the mezzanine tranches. From the double-As down to the double-Bs, everything priced at least 10bps tighter than they had in those prior new issues.

We previewed the deal in our pipeline this week. Captree Park is a standard five-year reinvestment period, two-year call lock deal. The CLO is $863.6m in size, putting Blackstone’s overall new issuance of US CLOs at around $2.4bn for the year so far. In all four of those new issue deals, Blackstone printed the senior triple-As or at within one basis point of SOFR+150bps.

Captree Park’s senior triple-As priced at SOFR+150bps and attached at 38.5%, while the juniors were at S+170bps and 33%. Investors were invited to “call desk” on the seniors as of 5 April, according to marketing materials seen by 9fin. The blended spread on the triple-As is S+151.64bps.

The double-As were split into two pari-passu tranches. A floating-rate tranche printed at S+190bps, in line with marketing guidance of S+190bps-195bps, while a floating-rate tranche paid 6.146%. All three prior US CLO new issues by Blackstone this year priced their double-As at S+200bps.

The single-As priced at S+230bps, after being shown earlier at S+230bps-240bps. Blackstone’s earlier new issues in the market this year printed those notes at either S+245bps or S+240bps.

The triple-Bs and double-Bs both priced tighter than marketing guidance as of 5 April.

The triple-Bs priced at S+325bps, having been shown at S+330bps-345bps. The double-Bs priced at S+600bps and were shown at S+610bps-630bps.

Blackstone’s prior new issue US CLOs this year printed their triple-Bs at S+350bps or S+360bps, and their double-Bs between S+645bps and S+675bps.

Captree Park is 9.6x leveraged and its cost of debt is S+191.3bps.

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Blackstone prices new issue US CLO with tighter mezz prints

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