Benchmark prior transactions, bonds, loans or company profiles using over 300 credit metrics.

Comparables

AI transcripts & instant analysis, making earnings season easier than ever.

Earnings

A full suite of ESG data and analysis. Built for your workflow

Spot undervalued credits and potential future restructurings with our purpose-built tools.

Distressed and Restructuring

We use AI to aggregate newsflow from 2,000 sources, and deliver it to your inbox quicker than anyone else.

News

Full Financial profiles with 3 statements, KPIs, segment splits & credit metrics. All traced to source documents.

Financials

New deal analysis and covenant comparison tools, understand key risks in seconds not days.

Covenants

We've successfully predicted more than 65 price sensitive events - before they happened.

Deal predictions

Say goodbye to CTRL + F with our powerful search. Thousands of documents text searchable for any keyword or phrase.

Search

Track high yield deals from issuance through to maturity, with integrated legal, credit and ESG analysis.

High Yield Bonds

Shine a light on private markets with 9fin's news and legal analysis of syndicated loans

Leveraged Loans

21st century tech and expert analysis to help CLO teams make informed decisions faster.

Structured Credit 

Find information others can't see in one of the fastest growing corners of finance

Private Credit 

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.

Our customers receive this news ahead of the crowd. To learn more about news on the 9fin platform, request a free trial below.

🍪 Our Cookies

Blackstone prices new issue US CLO with tighter mezz prints

Read all our public content for free

Recently Published

Webinar replay — AI in debt markets: what’s hype, what’s real and what’s next?

Excess Spread — CMBS shoots, trade finance (again), straying from the light

Make informed decisions faster with these three CLO database upgrades

Anthology considers out-of-court restructuring amid waiver

What are you waiting for?