Blackstone Swings For Fences With $1 Bln CLO

The Blackstone Group is said to be in the market raising debt for a $1 billion cash flow arbitrage collateralized loan obligation called Monument Park.

  • 09 Nov 2003
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The Blackstone Group is said to be in the market raising debt for a $1 billion cash flow arbitrage collateralized loan obligation called Monument Park. UBS is reportedly the underwriter on the transaction, sources said. Spokespeople for the private equity firm and the bank declined comment. The deal would be unusual for its sheer size. Most CLOs in the last two years have hovered around the $300-500 million mark.

A source said the CLO has an extremely long ramp-up period that will ease concerns about finding assets in this current low-yield environment. One source said the deal will have a comparatively small amount of assets at the ramp-up level and then will have 18 months after closing to complete the portfolio.

Dean Criares joined Blackstone at the beginning of 2002 from Trimaran Advisors. That year the firm completed its debut deal, the $600 million Hanover Square CLO with CIBC World Markets and J.P. Morgan. The second deal, completed earlier this year was the more modest $400 million Union Square CLO, led by Credit Suisse First Boston. The $291 million triple-A tranche on Union Square priced at LIBOR plus 53 basis points.

  • 09 Nov 2003

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
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  • Today
1 Bank of America Merrill Lynch 57,945.74 181 12.35%
2 Citi 57,243.86 174 12.20%
3 Wells Fargo Securities 48,214.86 152 10.28%
4 JPMorgan 33,301.70 114 7.10%
5 Credit Suisse 25,010.27 80 5.33%