By Cristal Cody
Tupelo, Miss., Dec. 8 – AllianceBernstein LP subsidiary AB Broadly Syndicated Loan Manager LLC priced $405,425,000 of notes due Jan. 15, 2033 in a broadly syndicated collateralized loan obligation offering, according to a market source.
AB BSL CLO 1 Ltd./AB BSL CLO 1 LLC priced $246 million of class A-1a floating-rate notes at Libor plus 150 basis points, $2 million of 1.878% class A-1b fixed-rate notes, $4 million of class A-2 floating-rate notes at Libor plus 175 bps and $52 million of class B floating-rate notes at Libor plus 205 bps.
The CLO also sold $24 million of class C deferrable floating-rate notes at Libor plus 275 bps, $18 million of class D deferrable floating-rate notes at Libor plus 410 bps, $16 million of class E deferrable floating-rate notes at Libor plus 851 bps and $43,425,000 of subordinated notes.
Morgan Stanley & Co. LLC was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The issue is collateralized primarily by broadly syndicated senior secured loans, cash and eligible investments.
AllianceBernstein is a New York-based asset management firm.
| Issuer: | AB BSL CLO 1 Ltd./AB BSL CLO 1 LLC
|
| Amount: | $405,425,000
|
| Maturity: | Jan. 15, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | AB Broadly Syndicated Loan Manager LLC
|
| Call feature: | One year
|
| Settlement date: | Dec. 9
|
|
|
| Class A-1a notes
|
| Amount: | $246 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 150 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $2 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 1.878%
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $52 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $18 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 410 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 851 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $43,425,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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