Wells Fargo this morning priced a $727.33 million CLO for GSO/Blackstone Debt Funds Management, according to sources.

The transaction is structured as follows:

The weighted-average-discount margin of the deal’s $265 million and $185.8 million triple-A tranches is L+110. This a new low-water mark for a CLO issued since the credit crisis, according to LCD. Sources note the two tranches have different call protection: the $265 million tranche is covered by a three-year make-whole provision, while the $185.8 million tranche is non-callable for two years.

The transaction has a two-year non-call period and a four-year reinvestment period. – Kerry Kantin