Published on 11/11/2021 in the Prospect News CLO Daily.
New Issue: FS Rialto sells $1.13 billion FS Rialto 2021-FL3 CRE CLO
Chicago, Nov. 12 – FS Credit Real Estate Income Trust, Inc. sold $1,134,028,313 in a cash flow commercial real estate collateralized loan obligation issued by FS Rialto 2021-FL3 Issuer, Ltd./FS Rialto 2021-FL3 Issuer, LLC, according to a pre-sale report, a press release and an 8-K filed with the Securities and Exchange Commission.
The notes will mature on Nov. 18, 2036.
The CLO consists of $657.74 million of class A floating-rate notes at Libor plus 125 basis points, $42.53 million of class A-S floating-rate notes at Libor plus 155 bps, $55.28 million of class B floating-rate notes at Libor plus 180 bps, $69.46 million of class C floating-rate notes at Libor plus 205 bps, $80.8 million of class D floating-rate notes at Libor plus 250 bps, $22.68 million of class E floating-rate notes at Libor plus 285 bps, $66.62 million of class F floating-rate notes at Libor plus 450 bps, $39.69 million of class G floating-rate notes at Libor plus 675 bps and $99.23 million of preferred shares.
The initial rates step up after a period of time. The class A and class A-S notes step up by 25 bps in September 2026. The rates step up 50 bps in September 2026 for the class B and C notes. The class D and class E notes step up 50 bps in October 2026.
FS Credit Real Estate Income Trust, Inc. will manage the collateral through the end of the 24-month reinvestment period.
Barclays, Wells Fargo Securities, LLC, Goldman Sachs & Co. LLC and Deutsche Bank Securities Inc. was the placement agent.
The Philadelphia-based company acquires and manages a portfolio of senior loans secured by commercial real estate.
| Issuers: | FS Rialto 2021-FL3 Issuer, Ltd./FS Rialto 2021-FL3 Issuer, LLC
|
| Issue: | Floating-rate notes and preferred shares
|
| Amount: | $1,134,028,313
|
| Maturity: | Nov. 18, 2036
|
| Structure: | Cash flow commercial real estate CLO
|
| Placement agents: | Barclays, Wells Fargo Securities, LLC, Goldman Sachs & Co. LLC and Deutsche Bank Securities Inc.
|
| Manager: | FS Credit Real Estate Income Trust, Inc.
|
| Settlement date: | Nov. 4
|
|
|
| Class A notes
|
| Amount: | $657,736,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | Moody’s: Aaa
|
| DBRS: AAA
|
|
|
| Class A-S notes
|
| Amount: | $42,526,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | DBRS: AAA
|
|
|
| Class B notes
|
| Amount: | $55,283,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | DBRS: AA (low)
|
|
|
| Class C notes
|
| Amount: | $69,459,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | DBRS: A (low)
|
|
|
| Class D notes
|
| Amount: | $80,799,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Rating: | DBRS: BBB
|
|
|
| Class E notes
|
| Amount: | $22.68 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 285 bps
|
| Rating: | DBRS: BBB (low)
|
|
|
| Class F notes
|
| Amount: | $66,624,000
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 450 bps
|
| Rating: | DBRS: BB (low)
|
|
|
| Class G notes
|
| Amount: | $39.69 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Rating: | DBRS: B (low)
|
|
|
| Preferred shares
|
| Amount: | $99,231,313
|
| Securities: | Preferred shares
|
|
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