Chicago, Jan. 20 – FS Structured Products Advisor, LLC priced its first CLO transaction in a new $353.7 million broadly syndicated collateralized loan obligation due Jan. 20, 2034, according to a market source.
Bridge Street CLO I Ltd./Bridge Street CLO I LLC sold $224 million of class A-1 floating-rate notes at Libor plus 153 basis points and $42 million of class A-2 floating-rate notes at Libor plus 205 bps.
The issuers are also selling $17.5 million class B floating-rate notes at Libor plus 270 bps, $21 million class C floating-rate notes at Libor plus 414 bps and $14 million of class D floating-rate notes at Libor plus 750 bps.
There is also a $35.2 million class of subordinated notes.
J.P. Morgan Securities LLC is the initial purchaser.
FS Structured Products is the collateral manager for the notes, which have a reinvestment period ending in Jan. 20, 2026.
The non-call period ends Jan. 28, 2023.
FS Investments, with headquarters in Philadelphia, has $21.4 billion of assets under management as of June 2020.
| Issuers: | Bridge Street CLO I Ltd./Bridge Street CLO I LLC
|
| Amount: | $353.7 million
|
| Securities: | Floating-rate and subordinated notes
|
| Maturity: | Jan. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | FS Structured Products Advisor, LLC
|
| Call option: | Until Jan. 28, 2023
|
| Settlement date: | Jan. 28
|
|
|
| Class A-1 notes
|
| Amount: | $224 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 153 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $42 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
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| Amount: | $17.5 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 270 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
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| Amount: | $21 million
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| Securities: | Floating-rate notes
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| Coupon: | Libor plus 414 bps
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| Rating: | S&P: BBB-
|
|
|
| Class D notes
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| Amount: | $14 million
|
| Securities: | Floating-rate notes
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| Coupon: | Libor plus 750 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $35.2 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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