Chicago, Aug. 24 – Benefit Street Partners LLC reissued for $676.84 million the collateralized loan obligation this lists Benefit Street Partners CLO VI-B Ltd./Benefit Street Partners CLO VI-B LLC as co-issuers, according to a pre-sale report.
The notes will mature on July 20, 2034.
The CLO replacement notes consist of $6 million of class X senior secured floating-rate notes at Libor plus 70 basis points, $393 million of class A senior secured floating-rate notes at Libor plus 119 bps, $86 million of class B senior secured floating-rate notes at Libor plus 180 bps, $32.5 million of class C-1 senior secured deferrable floating-rate notes at Libor plus 245 bps, $4.5 million of class C-2 3.66% senior secured deferrable fixed-rate notes, $39 million of class D senior secured deferrable floating-rate notes at Libor plus 385 bps, $22 million of class E senior secured deferrable floating-rate notes at Libor plus 736 bps and $93.84 million of subordinated notes.
Benefit Street Partners LLC will manage the collateral through the end of the reinvestment period on July 20, 2026.
The notes can be called starting July 20, 2023.
MUFG Securities Americas Inc. was the placement agent.
The credit investment arm of Providence Equity Partners LLC is based in New York City.
| Issuer: | Benefit Street Partners CLO VI-B Ltd./Benefit Street Partners CLO VI-B LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $676.84 million
|
| Maturity: | July 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | MUFG Securities Americas Inc.
|
| Manager: | Benefit Street Partners LLC
|
| Call feature: | July 20, 2023
|
| Settlement date: | July 27
|
|
|
| Class X notes
|
| Amount: | $6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 70 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $393 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 119 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $86 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $32.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2 notes
|
| Amount: | $4.5 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 3.66%
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $39 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 385 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 736 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $93.84 million
|
| Securities: | Subordinated notes
|
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