Benefit Street prices $507.2 million in firm’s second CLO of year; secondary market active

By Cristal Cody

Tupelo, Miss., Aug. 8 – Benefit Street Partners LLC priced $507.2 million of notes in the CLO manager’s second new CLO offering of the year.

Nearly $70 billion of new issue CLOs have priced year to date, according to market sources.

In the secondary market, high-grade securitized trading was strong on Tuesday with $339.92 million of investment-grade CBO/CDO/CLO issues traded, according to Trace. In addition, $44.54 million of lower-rated securitized issues were traded.

On Monday, trading volume included $85.78 million of high-grade securities and $124.47 million of lower-rated issues.

Benefit Street prints CLO XV

Benefit Street Partners priced $507.2 million of notes due July 18, 2031 in the new CLO deal, according to a market source.

Benefit Street Partners CLO XV, Ltd./Benefit Street Partners CLO XV LLC sold $332 million of class A-1 senior secured floating-rate notes at Libor plus 115 basis points at the top of the capital structure.

BofA Merrill Lynch was the placement agent.

Benefit Street Partners has priced two new CLOs year to date.

In 2017, the CLO manager placed two new CLOs and refinanced five vintage CLOs.

The credit investment arm of Providence Equity Partners LLC is based in New York City.

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