Chicago, Nov. 9 – BSP CLO Management LLC sold $488.1 million in a collateralized loan obligation being issued by Benefit Street Partners CLO XXVIII, Ltd./Benefit Street Partners CLO XXVIII, LLC, according to a presale report.
The notes will mature on October 2035.
The CLO consists of $320 million of class A senior secured floating-rate notes at SOFR plus 190 basis points, $41.3 million of class B-1 senior secured floating-rate notes at SOFR plus 285 bps, $16.2 million of class B-2 6.39% senior secured fixed-rate notes, $31.25 million of class C senior secured deferrable floating-rate notes at SOFR plus 400 bps, $22.5 million of class D-1 senior secured deferrable floating-rate notes at SOFR plus 525 bps, $5.75 million of class D-2 9.5% senior secured deferrable fixed-rate notes, $15.5 million of class E senior secured deferrable floating-rate notes at SOFR plus 759 bps and $35.6 million of subordinated notes.
BSP CLO Management LLC will manage the collateral through the end of the reinvestment period on November 2027.
Collateral for the notes consists of broadly syndicated loans.
The notes can be called starting November 2024.
Citigroup Global Markets Inc. 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 XXVIII, Ltd./Benefit Street Partners CLO XXVIII, LLC
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Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
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Amount: | $488.1 million
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Maturity: | October 2035
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Structure: | Cash flow CLO
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Placement agent: | Citigroup Global Markets Inc.
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Manager: | BSP CLO Management LLC
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Call feature: | November 2024
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Settlement date: | Nov. 10
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Class A notes
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Amount: | $320 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 190 bps
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Rating: | Moody's: Aaa
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Class B-1 notes
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Amount: | $41.3 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 285 bps
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Class B-2 notes
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Amount: | $16.2 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 6.39%
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Class C notes
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Amount: | $31.25 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 400 bps
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Class D-1 notes
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Amount: | $22.5 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 525 bps
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Class D-2 notes
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Amount: | $5.75 million
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Securities: | Senior secured deferrable fixed-rate notes
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Coupon: | 9.5%
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Class E notes
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Amount: | $15.5 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 759 bps
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Subordinated notes
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Amount: | $35.6 million
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Securities: | Subordinated notes
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