By Cristal Cody
Tupelo, Miss., Oct. 18 – Benefit Street Partners LLC priced $507.75 million of notes due Oct. 15, 2032 in a new collateralized loan obligation transaction, according to a market source.
Benefit Street Partners CLO XVIII Ltd./Benefit Street Partners CLO XVIII LLC sold $315 million of class A floating-rate notes at Libor plus 134 basis points and $62.5 million of class B floating-rate notes at Libor plus 195 bps.
The CLO sold $30 million of class C deferrable floating-rate notes at Libor plus 270 bps; $30 million of class D deferrable floating-rate notes at Libor plus 390 bps; $19.5 million of class E deferrable floating-rate notes at Libor plus 690 bps and $50.85 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The transaction is backed primarily by broadly syndicated senior secured loans.
The CLO manager has priced two new CLOs and one CLO refinancing year to date.
Benefit Street Partners priced three new CLO deals in 2018.
The credit investment arm of Providence Equity Partners LLC is based in New York City.
| Issuer: | Benefit Street Partners CLO XVIII, Ltd./Benefit Street Partners CLO XVIII LLC
|
| Amount: | $507.75 million
|
| Maturity: | Oct. 15, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Benefit Street Partners LLC
|
| Call feature: | Two years
|
| Pricing date: | Oct. 10
|
| Settlement date: | Nov. 14
|
|
|
| Class A notes
|
| Amount: | $315 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 134 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $62.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 390 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $19.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 690 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $50.85 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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