Chicago, June 21 – FS Credit Real Estate Income Trust, Inc. sold $690 million in a collateralized loan obligation being issued by FS Rialto 2022-FL5 Issuer, LLC, according to an 8-K filed with the Securities and Exchange Commission.
The notes will mature on June 2037.
The CLO consists of $370.875 million of class A senior secured floating-rate notes at SOFR plus 230.38 basis points, $67.275 million of class A-S senior secured floating-rate notes at SOFR plus 287.35 bps, $33.637 million of class B senior secured floating-rate notes at SOFR plus 337.26 bps, $42.263 million of class C senior secured deferrable floating-rate notes at SOFR plus 392.18 bps, $44.85 million of class D senior secured deferrable floating-rate notes at SOFR plus 481.8 bps, $11.212 million of class E senior secured deferrable floating-rate notes at SOFR plus 541.46 bps, $38.813 million of class F senior secured deferrable floating-rate notes at SOFR plus 600 bps, $24.15 million of class G senior secured deferrable floating-rate notes at SOFR plus 700 bps and $56.925 million of class H notes.
The interest rate will step up 25 bps on the class A and class A-S notes after July 2027. Similarly, the rate will step up on the class B, C, D and E notes after either July 2027 or August 2027.
FS Credit Real Estate Income Trust, Inc. will manage the collateral through the end of the 24-month reinvestment period.
Collateral for the notes consists of commercial mortgage loans and participation interests in commercial mortgage loans.
The notes can be called starting in June 2024.
Goldman Sachs & Co. LLC, Barclays, Wells Fargo Securities, LLC were the placement agents.
The Philadelphia-based company acquires and manages a portfolio of senior loans secured by commercial real estate.
| Issuer: | FS Rialto 2022-FL5 Issuer, LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $690 million
|
| Maturity: | June 2037
|
| Structure: | Cash flow CLO
|
| Placement agents: | Goldman Sachs & Co. LLC, Barclays, Wells Fargo Securities, LLC
|
| Manager: | FS Credit Real Estate Income Trust, Inc.
|
| Call feature: | June 2024
|
| Settlement date: | June 16
|
|
|
| Class A notes
|
| Amount: | $370.875 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 230.38 bps
|
| Rating: | Moody's: Aaa
|
| DBRS: AAA
|
|
|
| Class A-S notes
|
| Amount: | $67.275 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 287.35 bps
|
| Rating: | DBRS: AAA
|
|
|
| Class B notes
|
| Amount: | $33.637 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 337.26 bps
|
| Rating: | DBRS: AA (low)
|
|
|
| Class C notes
|
| Amount: | $42.263 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 392.18 bps
|
| Rating: | DBRS: A
|
|
|
| Class D notes
|
| Amount: | $44.85 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 481.8 bps
|
| Rating: | DBRS: BBB
|
|
|
| Class E notes
|
| Amount: | $11.212 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 541.46 bps
|
| Rating: | DBRS: BBB
|
|
|
| Class F notes
|
| Amount: | $38.813 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 600 bps
|
| Rating: | DBRS: BB
|
|
|
| Class G notes
|
| Amount: | $24.15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 700 bps
|
| Rating: | DBRS: B
|
|
|
| Class H notes
|
| Amount: | $56.925 million
|
| Securities: | Notes
|
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