By Cristal Cody
Tupelo, Miss., Dec. 17 – Benefit Street Partners LLC priced $508.7 million of notes due Jan. 15, 2033 in a new collateralized loan obligation transaction, according to market sources.
Benefit Street Partners CLO XIX Ltd./Benefit Street Partners CLO XIX LLC sold $320 million of class A floating-rate notes at Libor plus 135 basis points and $60 million of class B floating-rate notes at Libor plus 200 bps.
The CLO sold $30 million of class C deferrable floating-rate notes at Libor plus 260 bps, $30 million of class D deferrable floating-rate notes at Libor plus 380 bps, $20 million of class E deferrable floating-rate notes at Libor plus 702 bps and $48.7 million of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The offering is backed primarily by broadly syndicated senior secured loans.
Benefit Street Partners has priced three new CLOs and one CLO refinancing year to date, following three new CLO deals in 2018.
The credit investment arm of Providence Equity Partners LLC is based in New York City.
| Issuer: | Benefit Street Partners CLO XIX, Ltd./Benefit Street Partners CLO XIX LLC
|
| Amount: | $508.7 million
|
| Maturity: | Jan. 15, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Benefit Street Partners LLC
|
| Call feature: | Two years
|
| Pricing date: | Dec. 6
|
| Settlement date: | Jan. 9
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | : | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 702 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $48.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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