Chicago, March 24 – BSP CLO Management LLC refinanced and extended the $407.7 million collateralized loan obligation issued by Benefit Street Partners CLO XXII Ltd./Benefit Street Partners CLO XXII LLC, according to a pre-sale report.
The notes will mature on April 20, 2035.
The CLO consists of $256 million of class A-R floating-rate notes at SOFR plus 135 basis points, $48 million of class B-R floating-rate notes at SOFR plus 190 bps, $24 million of class C-R deferrable floating-rate notes at SOFR plus 225 bps, $24 million of class D-R deferrable floating-rate notes at SOFR plus 335 bps, $16 million of class E-R deferrable floating-rate notes at SOFR plus 693 bps and $39.7 million of subordinated notes.
In the original CLO, Benefit Street sold $240 million of class A-1 floating-rate notes at Libor plus 126 bps, $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 originally 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.
BSP CLO Management LLC will manage the collateral through the end of the reinvestment period on April 20, 2027.
Collateral for the notes consists of speculative-grade senior secured term loans.
The notes can be called starting March 25, 2024.
Citigroup Global Markets Inc. is the placement agent.
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: | $407.7 million
|
| Issue: | Floating-rate notes and subordinated notes
|
| Maturity: | April 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | BSP CLO Management LLC
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| Call feature: | March 25, 2024
|
| Settlement date: | March 25
|
|
|
| Class A-R notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 135 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
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| Amount: | $48 million
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| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | SOFR plus 225 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $24 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | SOFR plus 335 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
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| Amount: | $16 million
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| Securities: | Deferrable floating-rate notes
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| Coupon: | SOFR plus 693 bps
|
|
|
| Subordinated notes
|
| Amount: | $39.7 million
|
| Securities: | Subordinated notes
|
|
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