Chicago, May 28 – AB Broadly Syndicated Loan Manager LLC sold $403 million in a broadly syndicated CLO issued by AB BSL CLO 2 Ltd./AB BSL CLO 2 LLC, according to a pre-sale report.
The CLO matures April 15, 2034.
The portfolio has $100 million of class A senior secured floating-rate loans at Libor plus 110 basis points, $148 million of class A senior secured floating-rate notes at Libor plus 110 bps, $28 million of class B-1 senior secured floating-rate notes at Libor plus 165 bps and $28 million of class B-2 3.15% senior secured fixed-rate notes.
There are also $24 million of class C senior secured deferrable floating-rate notes at Libor plus 210 bps, $22 million of class D senior secured deferrable floating-rate notes at Libor plus 335 bps and $17 million of class E senior secured deferrable floating-rate notes at Libor plus 671 bps.
Additionally, there are $36 million of subordinated notes.
The non-call period end date is April 15, 2023.
The reinvestment period ends April 15, 2026.
AB Broadly Syndicated Loan Manager is the collateral manager, selecting the collateral that is primarily composed of broadly syndicated speculative-grade senior secured term loans.
J.P. Morgan Securities LLC is the placement agent.
This is the first CLO for the collateral manager in 2021.
The collateral manager is a subsidiary of AllianceBernstein LP.
| Issuer: | AB BSL CLO 2 Ltd./AB BSL CLO 2 LLC
|
| Issue: | Floating-rate loan, floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $403 million
|
| Maturity: | April 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | AB Broadly Syndicated Loan Manager LLC
|
| Call feature: | April 15, 2023
|
| Settlement date: | May 12
|
|
|
| Class A loan
|
| Amount: | $100 million
|
| Securities: | Senior secured floating-rate loan
|
| Coupon: | Libor plus 110 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $148 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $28 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
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| Amount: | $28 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.15%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 671 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $36 million
|
| Securities: | Subordinated notes
|
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