Chicago, Nov. 4 – Blackstone Private Credit Fund sold $603.6 million in a collateralized loan obligation issued by BCRED BSL CLO 2021-2, Ltd./BCRED BSL CLO 2021-2, LLC, according to multiple releases.
The notes will mature on Oct. 20, 2034.
The CLO consists of $218 million of class A-L senior secured floating-rate loans at Libor plus 122 basis points, $149.5 million of class A senior secured floating-rate notes at Libor plus 122 bps, $38.1 million of class B senior secured floating-rate notes at Libor plus 175 bps, $48 million of class C mezzanine secured deferrable floating-rate notes at Libor plus 205 bps, $52.2 million of class D mezzanine secured deferrable floating-rate notes at Libor plus 315 bps and $97.8 million of subordinated notes.
Blackstone Private Credit Fund will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
The CLO is backed by broadly syndicated senior secured corporate loans, primarily.
The notes can be called starting Oct. 20, 2023.
Morgan Stanley & Co. LLC was the placement agent.
The investment and advisory firm based in New York.
Issuer: | BCRED BSL CLO 2021-2, Ltd./BCRED BSL CLO 2021-2, LLC
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Issue: | Floating-rate loans, floating-rate notes and subordinated notes
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Amount: | $603.6 million
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Maturity: | Oct. 20, 2034
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Structure: | Cash flow CLO
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Placement agent: | Morgan Stanley & Co. LLC
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Manager: | Blackstone Private Credit Fund
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Call feature: | Oct. 20, 2023
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Settlement date: | Nov. 1
|
|
Class A-L loans
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Amount: | $218 million
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Securities: | Senior secured floating-rate loans
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Coupon: | Libor plus 122 bps
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Rating: | Moody's: Aaa
|
|
Class A notes
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Amount: | $149.5 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 122 bps
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Rating: | Moody's: Aaa
|
|
Class B notes
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Amount: | $38.1 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 175 bps
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Rating: | Moody's: Aa2
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Class C notes
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Amount: | $48 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Libor plus 205 bps
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Rating: | Kroll: A
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Class D notes
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Amount: | $52.2 million
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Securities: | Mezzanine secured deferrable floating-rate notes
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Coupon: | Libor plus 315 bps
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Rating: | Kroll: BBB-
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|
Subordinated notes
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Amount: | $97.8 million
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Securities: | Subordinated notes
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