By Cristal Cody
Tupelo, Miss., Dec. 15 – Benefit Street Partners LLC priced $404.7 million of notes due Jan. 20, 2032 in the manager’s third new broadly syndicated collateralized loan obligation offering of the year, according to market sources.
Benefit Street Partners CLO XXII Ltd./Benefit Street Partners CLO XXII LLC sold $240 million of class A-1 floating-rate notes at Libor plus 126 basis points, $16 million of class A-2 floating-rate notes at Libor plus 145 bps and $48 million of class B floating-rate notes at Libor plus 155 bps.
The CLO priced $24 million of class C deferrable floating-rate notes at Libor plus 215 bps, $24 million of class D deferrable floating-rate notes at Libor plus 350 bps, $13 million of class E deferrable floating-rate notes at Libor plus 700 bps and $39.7 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
BSP CLO Management LLC is the CLO manager.
The CLO has a one-year non-call period and a three-year reinvestment period.
The notes are collateralized mostly by first-lien senior secured loans.
Benefit Street has priced three new CLOs year to date.
New York City-based Benefit Street Partners is a credit investment subsidiary of Franklin Templeton Investments.
| Issuer: | Benefit Street Partners CLO XXII, Ltd./Benefit Street Partners CLO XXII LLC
|
| Amount: | $404.7 million
|
| Maturity: | Jan. 20, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | BSP CLO Management LLC
|
| Call feature: | One year
|
| Settlement date: | Dec. 22
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 126 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $16 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 215 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $13 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $39.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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