Chicago, May 26 – BSP CLO Management LLC sold $401.1 million in a collateralized loan obligation being issued by Benefit Street Partners CLO XXVI Ltd./Benefit Street Partners CLO XXVI LLC, according to a presale report.
The notes will mature on July 20, 2034.
The CLO consists of $248 million of class A floating-rate notes at SOFR plus 152 basis points, $56 million of class B floating-rate notes at SOFR plus 200 bps, $24 million of class C floating-rate notes at SOFR plus 250 bps, $24 million of class D floating-rate notes at SOFR plus 375 bps, $13.4 million of class E floating-rate notes at SOFR plus 730 bps and $35.7 million of subordinated notes.
BSP CLO Management LLC will manage the collateral through the end of the reinvestment period on July 20, 2026.
Collateral for the notes consists of a collateral pool of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting June 7, 2024.
Natixis Securities Americas LLC was the placement agent.
The CLO manger is a wholly owned subsidiary of Franklin Templeton Investments and is based in New York City.
| Issuer: | Benefit Street Partners CLO XXVI Ltd./Benefit Street Partners CLO XXVI LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $401.1 million
|
| Maturity: | July 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | BSP CLO Management LLC
|
| Call feature: | June 7, 2024
|
| Settlement date: | June 7
|
|
|
| Class A notes
|
| Amount: | $248 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 152 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 375 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $13.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 730 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $35.7 million
|
| Securities: | Subordinated notes
|
|
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