Chicago, June 3 – Blackstone Private Credit Fund sold $589.75 million in a collateralized loan obligation being issued by BCRED BSL CLO 2022-1 Ltd./BCRED BSL CLO 2022-1 LLC, according to a presale report.
The notes will mature on July 20, 2035.
The CLO consists of $292 million of class A-1A senior secured floating-rate notes at SOFR plus 158 basis points, $50 million of class A-1B 4.34% senior secured fixed-rate notes, $12 million of class A-2 senior secured floating-rate notes at SOFR plus 200 bps, $40 million of class B-1 senior secured floating-rate notes at SOFR plus 235 bps, $26 million of class B-2 4.98% senior secured fixed-rate notes, $51 million of class C senior secured deferrable floating-rate notes at SOFR plus 260 bps, $39 million of class D junior secured deferrable floating-rate notes at SOFR plus 369 bps, $21 million of class E senior secured deferrable floating-rate notes at SOFR plus 733 bps and $58.75 million of subordinated notes.
Blackstone Private Credit Fund will manage the collateral through the end of the reinvestment period on July 20, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting July 20, 2027.
Morgan Stanley & Co. LLC and BofA Securities, Inc. are the placement agents.
The investment and advisory firm based in New York.
| Issuer: | BCRED BSL CLO 2022-1 Ltd./BCRED BSL CLO 2022-1 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $589.75 million
|
| Maturity: | July 20, 2035
|
| Structure: | Cash flow CLO
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| Placement agents: | Morgan Stanley & Co. LLC and BofA Securities, Inc.
|
| Manager: | Blackstone Private Credit Fund
|
| Call feature: | July 20, 2027
|
| Settlement date: | June 9
|
|
|
| Class A-1A notes
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| Amount: | $292 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 158 bps
|
|
|
| Class A-1B notes
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| Amount: | $50 million
|
| Securities: | Senior secured fixed-rate notes
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| Coupon: | 4.34%
|
|
|
| Class A-2 notes
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| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AAA
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|
|
| Class B-1 notes
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| Amount: | $40 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | SOFR plus 235 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
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| Amount: | $26 million
|
| Securities: | Senior secured fixed-rate notes
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| Coupon: | 4.98%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $51 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $39 million
|
| Securities: | Junior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 369 bps
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| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $21 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 733 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
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| Amount: | $58.75 million
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| Securities: | Subordinated notes
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