Benefit Street to refinance $458.6 million of vintage 2012 CLO deal

By Cristal Cody

Prospect News, Sept. 11 – Benefit Street Partners LLC plans to refinance $458.6 million of notes in a vintage 2012 collateralized loan obligation transaction, according to a market source.

The Benefit Street Partners CLO I, Ltd./Benefit Street Partners CLO I LLC deal includes $286.7 million of class A-1R floating-rate notes (Aaa/AAA); $47.6 million of class A-2R floating-rate notes (/AA); $39.85 million of class B-R deferrable floating-rate notes (/A); $23.15 million of class C-R deferrable floating-rate notes (/BBB); $18 million of class D-R deferrable floating-rate notes (/BB) and $43.3 million of subordinated notes.

Citigroup Global Markets Inc. is the refinancing agent.

Benefit Street Partners is the CLO manager.

The new notes will be due Oct. 15, 2025 and have a reinvestment period that ends Oct. 15, 2017.

The refinancing deal is expected to close on Oct. 15.

The transaction is backed primarily by a revolving pool of broadly syndicated senior secured loans.

Benefit Street Partners has priced two deals in the CLO primary market this year to date.

The New York City-based credit investment arm of Providence Equity Partners LLC brought two CLO transactions in 2014.

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