Benefit Street, Kayne price broadly syndicated CLOs; Brightwood sells middle-market CLO

By Cristal Cody

Tupelo, Miss., Dec. 17 – In new broadly syndicated CLO volume, Benefit Street Partners LLC priced a $508.7 million transaction.

The deal is the manager’s third new CLO offering of the year.

Also in the primary market, Kayne Anderson Capital Advisors, LP wrapped a $401 million broadly syndicated CLO offering.

In the middle-market space, Brightwood SPV Advisors, LLC priced a $305 million CLO.

Year to date, about $110 billion of broadly syndicated CLOs and about $13 billion of middle-market CLOs have priced, according to market sources.

Benefit Street prices

Benefit Street Partners priced $508.7 million of notes due Jan. 15, 2033 in the new CLO transaction, according to market sources.

Benefit Street Partners CLO XIX Ltd./Benefit Street Partners CLO XIX LLC sold $320 million of class A floating-rate notes at Libor plus 135 basis points in the AAA-rated tranche of the capital structure.

Morgan Stanley & Co. LLC was the placement agent.

The offering is backed primarily by broadly syndicated senior secured loans.

Benefit Street Partners has priced three new CLOs and one CLO refinancing year to date, following three new CLO deals in 2018.

The credit investment arm of Providence Equity Partners LLC is based in New York City.

Kayne prices $401 million

Kayne Anderson Capital Advisors closed Monday on the new $401 million broadly syndicated CLO transaction, according to market sources.

Kayne CLO 6 Ltd./Kayne CLO 6 LLC sold $248 million of the class A-1 senior secured floating-rate notes at Libor plus 138 bps and $12 million of the class A-2 senior secured floating-rate notes at Libor plus 185 bps.

GreensLedge Capital Markets LLC was the placement agent.

The notes have a Jan. 20, 2033 maturity.

The CLO is backed mainly by broadly syndicated first-lien senior secured corporate loans.

Kayne Anderson Capital has priced three new CLOs year to date.

The alternative asset management firm is based in Los Angeles.

Brightwood taps market

Brightwood SPV Advisors priced $305 million of notes due Jan. 15, 2031 in its middle-market CLO offering, according to informed sources.

Brightwood Capital MM CLO 2019-1 Ltd. sold $50 million of class A-1 loans at Libor plus 185 bps, $109 million of class A-1 floating-rate notes at Libor plus 185 bps and $12 million of class A-2 floating-rate notes at Libor plus 225 bps in the senior tranches.

GreensLedge Capital Markets was the placement agent.

The offering is collateralized by middle-market first-lien senior secured loans.

Brightwood SPV is an asset management firm owned by New York-based Brightwood Capital Advisors, LLC.

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