Chicago, Sept. 30 – AB Broadly Syndicated Loan Manager LLC sold $500.83 million in a collateralized loan obligation being issued by AB BSL CLO 3 Ltd./AB BSL CLO 3 LLC, according to a pre-sale report.
The notes will mature on Oct. 20, 2034.
The CLO consists of $315 million of class A senior secured floating-rate notes at Libor plus 119 basis points, $65 million of class B senior secured floating-rate notes at Libor plus 170 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 210 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 320 bps, $20 million of class E senior secured deferrable floating-rate notes at Libor plus 695 bps and $40.83 million of subordinated notes.
AB Broadly Syndicated Loan Manager LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
Collateral will come primarily from senior secured loans, cash and eligible investments, with most borrowers based in the United States.
The notes can be called starting Oct. 20, 2023.
Citigroup Global Markets Inc. was the placement agent.
This is the asset manager’s second CLO in 2021.
The collateral manager is a subsidiary of AllianceBernstein LP.
| Issuers: | AB BSL CLO 3 Ltd./AB BSL CLO 3 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $500.83 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | AB Broadly Syndicated Loan Manager LLC
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | Sept. 28
|
|
|
| Class A notes
|
| Amount: | $315 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 119 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $65 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 695 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40.83 million
|
| Securities: | Subordinated notes
|
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