Chicago, Sept. 7 – Benefit Street Partners LLC refinanced and extended for $449.95 million the collateralized loan obligation issued by Benefit Street Partners CLO XX Ltd./Benefit Street Partners CLO XX LLC, according to a pre-sale report.
The notes will now mature on July 15, 2034.
The refinanced CLO consists of $143 million of class A-L senior secured floating-rate loans at Libor plus 117 basis points, $0 million of class A-L senior secured floating-rate notes at Libor plus 117 bps, $136 million of class A-R senior secured floating-rate notes at Libor plus 117 bps, $63 million of class B-R senior secured floating-rate notes at Libor plus 170 bps, $27 million of class C-R senior secured deferrable floating-rate notes at Libor plus 205 bps, $27 million of class D-R senior secured deferrable floating-rate notes at Libor plus 320 bps, $15.75 million of class E-R senior secured deferrable floating-rate notes at Libor plus 675 bps and $38.2 million of subordinated notes.
The A-L loans can be converted up to $143 million of A-L notes.
Originally, the CLO sold $240 million of class A-1 floating-rate notes at Libor plus 175 bps and $16 million of class A-2 floating-rate notes at Libor plus 200 bps.
The CLO also originally priced $33 million of class B-1 floating-rate notes at Libor plus 230 bps and $11 million of 2.66% class B-2 fixed-rate notes.
Further down the capital structure, the CLO initially priced $24 million of class C deferrable floating-rate notes at Libor plus 260 bps, $24 million of class D deferrable floating-rate notes at Libor plus 425 bps, $12 million of class E deferrable floating-rate notes at Libor plus 748 bps and $38.2 million of subordinated notes.
Benefit Street Partners LLC will manage the collateral through the end of the reinvestment period on July 15, 2026.
The notes can be called starting July 15, 2023.
Natixis Securities Americas LLC was the placement agent.
| Issuer: | Benefit Street Partners CLO XX Ltd./Benefit Street Partners CLO XX LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $449.95 million
|
| Maturity: | July 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | Benefit Street Partners LLC
|
| Call feature: | July 15, 2023
|
| Settlement date: | Aug. 24
|
|
|
| Class A-L loans
|
| Amount: | $143 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 117 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-L notes
|
| Amount: | $0 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $136 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 117 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
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| Amount: | $63 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
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| Amount: | $15.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $38.2 million
|
| Securities: | Subordinated notes
|
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