Chicago, March 9 – BSP CLO Management LLC sold $495.5 million in a collateralized loan obligation being issued by Benefit Street Partners CLO XXXI Ltd./Benefit Street Partners CLO XXXI LLC, according to a presale report.
The notes will mature on April 25, 2036.
The CLO consists of $300 million of class A-1 senior secured floating-rate notes at SOFR plus 180 basis points, $15 million of class A-2 senior secured floating-rate notes at SOFR plus 210 bps, $50 million of class B-1 senior secured floating-rate notes at SOFR plus 235 bps, $15 million of class B-2 5.93% senior secured fixed-rate notes, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 300 bps, $27.5 million of class D senior secured deferrable floating-rate notes at SOFR plus 500 bps, $17.5 million of class E senior secured deferrable floating-rate notes at SOFR plus 808 bps and $40.5 million of subordinated notes.
BSP CLO Management LLC will manage the collateral through the end of the reinvestment period on April 25, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 25, 2025.
BofA Securities 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 XXXI Ltd./Benefit Street Partners CLO XXXI LLC
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Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
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Amount: | $495.5 million
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Maturity: | April 25, 2036
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Structure: | Cash flow CLO
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Placement agent: | BofA Securities Inc.
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Manager: | BSP CLO Management LLC
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Call feature: | April 25, 2025
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Settlement date: | March 24
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Class A-1 notes
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Amount: | $300 million
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Securities: | Senior Secured floating-rate notes
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Coupon: | SOFR plus 180 bps
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Rating: | S&P: AAA
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Class A-2 notes
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Amount: | $15 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 210 bps
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Rating: | S&P: AAA
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Class B-1 notes
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Amount: | $50 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 235 bps
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Rating: | S&P: AA
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Class B-2 notes
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Amount: | $15 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 5.93%
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Rating: | S&P: AA
|
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Class C notes
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Amount: | $30 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 300 bps
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Rating: | S&P: A
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Class D notes
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Amount: | $27.5 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 500 bps
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $17.5 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 808 bps
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Rating: | S&P: BB-
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Subordinated notes
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Amount: | $40.5 million
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Securities: | Subordinated notes
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