Chicago, Jan. 12 – FS Structured Products Advisor, LLC sold $349.5 million in a collateralized loan obligation issued by Bridge Street CLO III Ltd., according to a presale report and a press release.
The notes will mature on October 2034.
The CLO consists of $180 million of class A-1 senior secured floating-rate notes at SOFR plus 230 basis points, $44 million of class A-1 senior secured floating-rate loans at SOFR plus 230 bps, $6.125 million of class A-2 senior secured floating-rate notes at SOFR plus 295 bps, $32.725 million of class B senior secured floating-rate notes at SOFR plus 340 bps, $17.5 million of class C mezzanine secured deferrable floating-rate notes at SOFR plus 406 bps, $21.525 million of class D mezzanine secured deferrable floating-rate notes at SOFR plus 660 bps, $13.125 million of class E secured deferrable floating-rate notes at SOFR plus 804 bps and $34.5 million of subordinated notes.
FS Structured Products Advisor, LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
Collateral for the notes consists of non-investment-grade broadly syndicated loans.
The notes can be called starting Oct. 21, 2024.
Goldman Sachs & Co. LLC was the placement agent.
FS Investments has headquarters in Philadelphia.
| Issuer: | Bridge Street CLO III Ltd.
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $349.5 million
|
| Maturity: | October 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | FS Structured Products Advisor, LLC
|
| Call feature: | Oct. 21, 2024
|
| Settlement date: | Dec. 28
|
|
|
| Class A-1 notes
|
| Amount: | $180 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-1 loans
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $6.125 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 295 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | $32.725 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 340 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $17.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 406 bps
|
| Rating: | Moody’s: A3
|
|
|
| Class D notes
|
| Amount: | $21.525 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 660 bps
|
| Rating: | Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | $13.125 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 804 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $34.5 million
|
| Securities: | Subordinated notes
|
|
|
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