Chicago, Jan. 20 – FS Structured Products Advisor, LLC priced its first CLO transaction in a new $353.7 million broadly syndicated collateralized loan obligation due Jan. 20, 2034, according to a market source.
Bridge Street CLO I Ltd./Bridge Street CLO I LLC sold $224 million of class A-1 floating-rate notes at Libor plus 153 basis points and $42 million of class A-2 floating-rate notes at Libor plus 205 bps.
The issuers are also selling $17.5 million class B floating-rate notes at Libor plus 270 bps, $21 million class C floating-rate notes at Libor plus 414 bps and $14 million of class D floating-rate notes at Libor plus 750 bps.
There is also a $35.2 million class of subordinated notes.
J.P. Morgan Securities LLC is the initial purchaser.
FS Structured Products is the collateral manager for the notes, which have a reinvestment period ending in Jan. 20, 2026.
The non-call period ends Jan. 28, 2023.
FS Investments, with headquarters in Philadelphia, has $21.4 billion of assets under management as of June 2020.
Issuers: | Bridge Street CLO I Ltd./Bridge Street CLO I LLC
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Amount: | $353.7 million
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Securities: | Floating-rate and subordinated notes
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Maturity: | Jan. 20, 2034
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Structure: | Cash flow CLO
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Placement agent: | J.P. Morgan Securities LLC
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Manager: | FS Structured Products Advisor, LLC
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Call option: | Until Jan. 28, 2023
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Settlement date: | Jan. 28
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Class A-1 notes
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Amount: | $224 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 153 bps
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Rating: | S&P: AAA
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Class A-2 notes
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Amount: | $42 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 205 bps
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Rating: | S&P: AA
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Class B notes
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Amount: | $17.5 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 270 bps
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Rating: | S&P: A
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Class C notes
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Amount: | $21 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 414 bps
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Rating: | S&P: BBB-
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Class D notes
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Amount: | $14 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 750 bps
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Rating: | S&P: BB-
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Equity
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Amount: | $35.2 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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