Chicago, April 26 – OFS CLO Management III LLC priced $301 million of notes in a collateralized loan obligation being issued by OFSI BSL XIII CLO Ltd./OFSI BSL XIII CLO LLC, according to a presale report.
The notes will mature on April 20, 2037.
The CLO consists of $1.5 million of class X senior secured floating-rate notes at SOFR plus 115 basis points, $180 million of class A-1 senior secured floating-rate notes at SOFR plus 162 bps, $12 million of class A-J senior secured floating-rate notes at SOFR plus 190 bps, $36 million of class B senior secured floating-rate notes at SOFR plus 225 bps, $18 million of class C senior secured deferrable floating-rate notes at SOFR plus 270 bps, $16.5 million of class D-1 senior secured deferrable floating-rate notes at SOFR plus 450 bps, $4.5 million of class D-2 9.52% senior secured deferrable fixed-rate notes, $7.5 million of class E senior secured deferrable floating-rate notes at SOFR plus 709 bps and $25 million of subordinated notes.
OFS CLO Management III LLC will manage the collateral through the end of the reinvestment period on April 20, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 20, 2026.
Goldman Sachs & Co. LLC was the placement agent.
The CLO manager is a Chicago-based advisory firm and a wholly owned subsidiary of Orchard First Source Asset Management Holdings LLC.
| Issuer: | OFSI BSL XIII CLO Ltd./OFSI BSL XIII CLO LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $301 million
|
| Maturity: | April 20, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | OFS CLO Management III LLC
|
| Call feature: | April 20, 2026
|
| Pricing date: | April 19
|
| Settlement date: | May 8
|
|
|
| Class X notes
|
| Amount: | $1.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1 notes
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| Amount: | $180 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 162 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-J notes
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| Amount: | $12 million
|
| Securities: | Senior Secured floating-rate notes
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| Coupon: | SOFR plus 190 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $36 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 270 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $16.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 450 bps
|
| Rating: | S&P: BBB
|
|
|
| Class D-2 notes
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| Amount: | $4.5 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 9.52%
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $7.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 709 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $25 million
|
| Securities: | Subordinated notes
|
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