Société Générale prices $1.1B Blackstone MM CLO

Société Générale has priced a new-issue $1.09 billion middle-market CLO for Blackstone Private Credit Fund, the second vehicle from Blackstone's MM platform that was launched last November.

Terms for BCRED MML CLO 2022-1 LLC include a spread of 165 basis points over term secured overnight financing rate for the $525 million class A-1 tranche.

Deal details are as follows:

The non-call period is through April 2024, and the reinvestment period ends in April 2026. The final stated maturity is in April 2035.

The expected closing date on the transaction is March 15.

The deal follows Blackstone's issuance of a $1 billion middle-market CLO that priced last November via BNP Paribas, in the first MM deal for a Blackstone affiliate since 2019.