Chicago, Sept. 26 – OFS CLO Management LLC is refinancing and extending for $301.975 million the collateralized loan obligation issued by OFSI BSL CLO XI Ltd./OFSI BSL CLO XI LLC, according to a presale report.
The notes will now mature on Oct. 18, 2035.
The refinanced CLO consists of $180 million of class A-1-R senior secured floating-rate notes at SOFR plus 205 basis points, $12 million of class A-J-R senior secured floating-rate notes at SOFR plus 235 bps, $36.475 million of class B-R senior secured floating-rate notes at SOFR plus 280 bps, $18 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 350 bps, $15 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 533 bps, $12 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 849 bps and $28.5 million of subordinated notes.
The CLO from June 2022 originally had $180 million of class A-1 senior secured floating-rate notes, $12 million of class A-J senior secured floating-rate notes, $36 million of class B senior secured floating-rate notes, $16.5 million of class C senior secured deferrable floating-rate notes, $16.5 million of class D senior secured deferrable floating-rate notes, $12.8 million of class E senior secured deferrable floating-rate notes and $23.2 million of subordinated notes.
OFS CLO Management LLC will manage the collateral through the end of the reinvestment period on Oct. 18, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 18, 2025.
Jefferies 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 CLO XI Ltd./OFSI BSL CLO XI LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $301.975 million
|
| Maturity: | Oct. 18, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Jefferies LLC
|
| Manager: | OFS CLO Management LLC
|
| Call feature: | Oct. 18, 2025
|
| Pricing date: | Sept. 20
|
| Settlement date: | Sept. 28
|
|
|
| Class A-1-R notes
|
| Amount: | $180 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 205 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-J-R notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
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| Amount: | $36.475 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 280 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 350 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
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| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 533 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 849 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $28.5 million
|
| Securities: | Subordinated notes
|
|
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