Chicago, Jan. 24 – BSP CLO Management LLC sold $497.75 million in a collateralized loan obligation being issued by Benefit Street Partners CLO XXXIII Ltd./Benefit Street Partners CLO XXXIII LLC, according to a presale report.
The notes will mature on Jan. 25, 2036.
The CLO consists of $310 million of class A-1 senior secured floating-rate notes at SOFR plus 175 basis points, $20 million of class A-2 senior secured floating-rate notes at SOFR plus 195 bps, $50 million of class B senior secured floating-rate notes at SOFR plus 230 bps, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 270 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 425 bps, $17.5 million of class E senior secured deferrable floating-rate notes at SOFR plus 698 bps and $40.25 million of subordinated notes.
BSP CLO Management LLC will manage the collateral through the end of the reinvestment period on Jan. 25, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 25, 2026.
Morgan Stanley & Co. LLC 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 XXXIII Ltd./Benefit Street Partners CLO XXXIII LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $497.75 million
|
| Maturity: | Jan. 25, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | BSP CLO Management LLC
|
| Call feature: | Jan. 25, 2026
|
| Pricing date: | Jan. 18
|
| Settlement date: | Jan. 23
|
|
|
| Class A-1 notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 175 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 195 bps
|
|
|
| Class B notes
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 270 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 425 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 698 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40.25 million
|
| Securities: | Subordinated notes
|
|
|
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