Chicago, Oct. 25 – BSP CLO Management LLC sold $401.4 million in a collateralized loan obligation being issued by Benefit Street Partners CLO XXXII Ltd./Benefit Street Partners CLO XXXII LLC, according to a presale report.
The notes will mature on Oct. 25, 2036.
The CLO consists of $240 million of class A-1 senior secured floating-rate notes at SOFR plus 168 basis points, $16 million of class A-2 senior secured floating-rate notes at SOFR plus 195 bps, $48 million of class B senior secured floating-rate notes at SOFR plus 240 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 280 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 425 bps, $14 million of class E senior secured deferrable floating-rate notes at SOFR plus 735 bps and $35.4 million of subordinated notes.
BSP CLO Management LLC will manage the collateral through the end of the reinvestment period on Oct. 25, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 25, 2025.
Goldman Sachs & Co. LLC was the placement agent.
The CLO manger is a wholly owned subsidiary of Franklin Templeton Investments and is based in New York City.
| Issuer: | Benefit Street Partners CLO XXXII Ltd./Benefit Street Partners CLO XXXII LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $401.4 million
|
| Maturity: | Oct. 25, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | BSP CLO Management LLC
|
| Call feature: | Oct. 25, 2025
|
| Pricing date: | Oct. 20
|
| Settlement date: | Nov. 21
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 168 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $16 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 195 bps
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 280 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 425 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 735 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $35.4 million
|
| Securities: | Subordinated notes
|
|
|
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