Chicago, Aug. 2 – BSP CLO Management LLC sold $391.3 million in a collateralized loan obligation being issued by Benefit Street Partners CLO XXVII, Ltd., according to multiple presale reports.
The notes will mature on July 20, 2035.
The CLO consists of $252 million of class A-1 senior secured floating-rate notes at SOFR plus 180 basis points, $8 million of class A-2 senior secured floating-rate notes at SOFR plus 235 bps, $27 million of class B-1 senior secured floating-rate notes at SOFR plus 290 bps, $12 million of class B-2 5.72% senior secured fixed-rate notes, $26 million of class C senior secured floating-rate notes at SOFR plus 365 bps, $21 million of class D-1 senior secured deferrable floating-rate notes at SOFR plus 485 bps, $5 million of class D-2 senior secured deferrable floating-rate notes at SOFR plus 619 bps, $11.4 million of class E secured deferrable floating-rate notes at SOFR plus 812 bps, $500,000 of class F secured deferrable floating-rate notes at SOFR plus 1,044 bps and $28.4 million of subordinated notes.
BSP CLO Management LLC will manage the collateral through the end of the reinvestment period in July 2027.
Collateral for the notes consists of first-lien senior secured leveraged loans.
The notes can be called starting July 2024.
BofA Securities, Inc. 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 XXVII, Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $391.3 million
|
| Maturity: | July 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities, Inc.
|
| Manager: | BSP CLO Management LLC
|
| Call feature: | July 2024
|
| Settlement date: | Aug. 3
|
|
|
| Class A-1 notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $27 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | $12 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.72%
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 365 bps
|
| Rating: | Fitch: A
|
|
|
| Class D-1 notes
|
| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 485 bps
|
| Rating: | Fitch: BBB
|
|
|
| Class D-2 notes
|
| Amount: | $5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 619 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $11.4 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 812 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | $500,000
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 1,044 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $28.4 million
|
| Securities: | Subordinated notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
