Chicago, May 7 – Benefit Street Partners LLC sold $609 million of notes due April 25, 2034 in the new collateralized loan obligation being issued by Benefit Street Partners CLO XXIII Ltd./Benefit Street Partners CLO XXIII LLC.
The CLO has $347 million of class A-1 senior secured floating-rate notes at Libor plus 108 basis points, $37 million of class A-2 2.39% senior secured fixed-rate notes, $25.5 million of class B-1 senior secured floating-rate notes at Libor plus 165 bps and $46.5 million of class B-2 3% senior secured fixed-rate notes.
Additionally, there are $36 million of class C senior secured deferrable floating-rate notes at Libor plus 220 bps, $36 million of class D senior secured deferrable floating-rate notes at Libor plus 365 bps, $21 million of class E senior secured deferrable floating-rate notes at Libor plus 681 bps and $60 million of subordinated notes.
Natixis Securities Americas LLC is the underwriter.
The notes are collateralized by a portfolio of broadly syndicated senior secured corporate loans.
Benefit Street Partners LLC is the collateral manager during the five-year reinvestment period.
New York City-based Benefit Street Partners is a credit investment subsidiary of Franklin Templeton Investments.
| Issuers: | Benefit Street Partners CLO XXIII Ltd./Benefit Street Partners CLO XXIII LLC
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| Issue: | Floating-rate, fixed-rate and subordinated notes
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| Structure: | Cash flow CLO
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| Amount: | $609 million
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| Maturity: | April 25, 2034
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| Agent: | Natixis Securities Americas LLC
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| Manager: | Benefit Street Partners LLC
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| Settlement date: | April 29
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| Class A-1 notes
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| Amount: | $347 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 108 bps
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| Rating: | Moody's: Aaa
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|
|
| Class A-2 notes
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| Amount: | $37 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 2.39%
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| Rating: | Moody's: Aaa
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| Class B-1 notes
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| Amount: | $25.5 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 165 bps
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|
|
| Class B-2 notes
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| Amount: | $46.5 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 3%
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|
| Class C notes
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| Amount: | $36 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 220 bps
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|
|
| Class D notes
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| Amount: | $36 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 365 bps
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|
| Class E notes
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| Amount: | $21 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | Libor plus 681 bps
|
|
|
| Subordinated notes
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| Amount: | $60 million
|
| Securities: | Subordinated notes
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