Chicago, Jan. 25 – AB Broadly Syndicated Loan Manager LLC refinanced and extended for $411.425 million the collateralized loan obligation issued by AB BSL CLO 1 Ltd./AB BSL CLO 1 LLC, according to a pre-sale report.
The notes will mature on Jan. 15, 2035.
The CLO now consists of $252 million of class A1-R senior secured floating-rate notes at SOFR plus 137 basis points, $4 million of class A2-AR senior secured floating-rate notes at SOFR plus 165 bps, $4 million of class A2-BR 3% senior secured fixed-rate notes, $44 million of class B-R senior secured floating-rate notes at SOFR plus 200 bps, $24 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 250 bps, $24 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 345 bps, $16 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 686 bps and $43.43 million of subordinated notes.
AB Broadly Syndicated Loan Manager LLC will manage the collateral through the end of the reinvestment period on Jan. 15, 2027.
Collateral will be comprised of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 15, 2024.
Morgan Stanley & Co. LLC was the placement agent.
The collateral manager is a subsidiary of AllianceBernstein LP.
| Issuer: | AB BSL CLO 1 Ltd./AB BSL CLO 1 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $411.425 million
|
| Maturity: | Jan. 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | AB Broadly Syndicated Loan Manager LLC
|
| Call feature: | Jan. 15, 2024
|
| Settlement date: | Jan. 27
|
|
|
| Class A1-R notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 137 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A2-AR notes
|
| Amount: | $4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 165 bps
|
| Rating: | S&P: NR
|
|
|
| Class A2-BR notes
|
| Amount: | $4 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3%
|
| Rating: | S&P: NR
|
|
|
| Class B-R notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 345 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 686 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $43.425 million
|
| Securities: | Subordinated notes
|
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