By Cristal Cody
Eureka Springs, Ark., Nov. 30 – Benefit Street Partners LLC priced $510.52 million of notes due Jan. 15, 2029 in a new collateralized loan obligation transaction, according to a market source.
Benefit Street Partners CLO X Ltd./Benefit Street Partners CLO X LLC sold $320 million of class A-1 senior secured floating-rate notes at par to yield Libor plus 149 basis points, $60 million of class A-2 senior secured floating-rate notes at par to yield Libor plus 200 bps and $30 million of class B senior secured deferrable floating-rate notes at par to yield Libor plus 280 bps.
The CLO also sold $30 million of class C senior secured deferrable floating-rate notes at 95.63 and a coupon of Libor plus 435 bps, $20 million of class D secured deferrable floating-rate notes at 93.6 and a coupon of Libor plus 790 bps and $50.52 million of subordinated notes in the equity tranche.
Deutsche Bank Securities Inc. arranged the offering.
The CLO is non-callable until Jan. 15, 2019. The reinvestment period ends Jan. 15, 2021.
The transaction is backed primarily by broadly syndicated first-lien senior secured loans.
Benefit Street Partners has priced one new CLO and refinanced one vintage CLO transaction year to date.
The New York City-based credit investment arm of Providence Equity Partners LLC priced three new CLO deals and refinanced one vintage CLO transaction in 2015.
| Issuer: | Benefit Street Partners CLO X, Ltd./Benefit Street Partners CLO X LLC
|
| Amount: | $510.52 million
|
| Maturity: | Jan. 15, 2029
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | Benefit Street Partners LLC
|
| Call feature: | Jan. 15, 2019
|
| Pricing date: | Nov. 18
|
| Settlement date: | Dec. 20
|
|
|
| Class A-1 notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 149 bps
|
| Price: | Par
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Price: | Par
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 435 bps
|
| Price: | 95.63
|
| Rating: | S&P: BBB
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Libor plus 790 bps
|
| Price: | 93.6
|
| Rating: | S&P: BB
|
|
|
| Equity
|
| Amount: | $50.52 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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