Chicago, Dec. 30 – BSP CLO Management LLC sold $482.75 million in a collateralized loan obligation issued by Benefit Street Partners CLO XXIX Ltd./Benefit Street Partners CLO XXIX LLC, according to a presale report.
The notes will mature on Jan. 25, 2036.
The CLO consists of $300 million of class A senior secured floating-rate notes at SOFR plus 222 basis points, $63.75 million of class B-1 senior secured floating-rate notes at SOFR plus 310 bps, $15 million of class B-2 4.52% senior secured fixed-rate notes, $26.25 million of class C senior secured deferrable floating-rate notes at SOFR plus 400 bps, $28.25 million of class D senior secured deferrable floating-rate notes at SOFR plus 575 bps, $17.25 million of class E senior secured deferrable floating-rate notes at SOFR plus 781 bps and $32.25 million of subordinated notes.
BSP CLO Management LLC will manage the collateral through the end of the reinvestment period on Jan. 25, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 25, 2025.
J.P. Morgan Securities 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 XXIX Ltd./Benefit Street Partners CLO XXIX LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $482.75 million
|
| Maturity: | Jan. 25, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | BSP CLO Management LLC
|
| Call feature: | Jan. 25, 2025
|
| Settlement date: | Dec. 21
|
|
|
| Class A notes
|
| Amount: | $300 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 222 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $63.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 310 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.52%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $26.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 400 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $28.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 575 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 781 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $32.25 million
|
| Securities: | Subordinated notes
|
|
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