By Cristal Cody
Prospect News, March 17 – Benefit Street Partners LLC priced a $611.49 million collateralized loan obligation transaction, according to a market source.
Benefit Street Partners VI, Ltd. sold $354.25 million of class A-1a floating-rate notes at Libor plus 155 basis points; $25 million of 3.44% class A-1b fixed-rate notes; $77.5 million of class A-2 floating-rate notes at Libor plus 225 bps; $28.25 million of class B floating-rate notes at Libor plus 305 bps; $28.25 million of class C floating-rate notes at Libor plus 370 bps; $29.75 million of class D floating-rate notes at Libor plus 555 bps and $58.24 million of subordinated notes.
Deutsche Bank Securities Inc. was the placement agent.
Benefit Street Partners will manage the CLO.
The New York City-based credit investment arm of Providence Equity Partners LLC brought two CLO deals in 2014.
| Issuer: | Benefit Street Partners VI, Ltd.
|
| Amount: | $611.49 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | Benefit Street Partners LLC
|
| Pricing date: | March 6
|
|
|
| Class A-1a notes
|
| Amount: | $354.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Standard & Poor’s: AAA expected
|
|
|
| Class A-1b notes
|
| Amount: | $25 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.44%
|
| Ratings: | Moody’s: Aaa expected
|
| Standard & Poor’s: AAA expected
|
|
|
| Class A-2 notes
|
| Amount: | $77.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | Standard & Poor’s: AA expected
|
|
|
| Class B notes
|
| Amount: | $38.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Rating: | Standard & Poor’s: A expected
|
|
|
| Class C notes
|
| Amount: | $28.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 370 bps
|
| Rating: | Standard & Poor’s: BBB expected
|
|
|
| Class D notes
|
| Amount: | $29.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 555 bps
|
| Rating: | Standard & Poor’s: BB expected
|
|
|
| Equity
|
| Amount: | $58.24 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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