Chicago, April 17 – Benefit Street Partners LLC sold $454.66 million in a collateralized loan obligation being issued by Benefit Street Partners CLO XXXIV Ltd./Benefit Street Partners CLO XXXIV LLC, according to a presale report.
The notes will mature on July 25, 2037.
The CLO consists of $288 million of class A-1 senior secured floating-rate notes at SOFR plus 155 basis points, $13.5 million of class A-2 senior secured floating-rate notes at SOFR plus 175 bps, $40.5 million of class B senior secured floating-rate notes at SOFR plus 198 bps, $27 million of class C senior secured deferrable floating-rate notes at SOFR plus 245 bps, $27 million of class D senior secured deferrable floating-rate notes at SOFR plus 375 bps, $18 million of class E senior secured deferrable floating-rate notes at SOFR plus 670 bps and $40.66 million of subordinated notes.
Benefit Street Partners LLC will manage the collateral through the end of the reinvestment period on July 25, 2029.
Collateral for the notes consists of senior secured loans, cash and eligible investments.
The notes can be called starting July 25, 2026.
Goldman Sachs & 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 XXXIV Ltd./Benefit Street Partners CLO XXXIV LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $454.66 million
|
| Maturity: | July 25, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Benefit Street Partners LLC
|
| Call feature: | July 25, 2026
|
| Pricing date: | April 15
|
| Settlement date: | May 3
|
|
|
| Class A-1 notes
|
| Amount: | $288 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 155 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $13.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 175 bps
|
|
|
| Class B notes
|
| Amount: | $40.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 198 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 375 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 670 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40.66 million
|
| Securities: | Subordinated notes
|
|
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