By Cristal Cody
Tupelo, Miss., March 13 – Benefit Street Partners LLC priced $450 million of notes due April 2029 in a refinancing of two tranches from a vintage 2017 broadly syndicated collateralized loan obligation, according to a market source.
Benefit Street Partners CLO XI Ltd./Benefit Street Partners CLO XI LLC sold $387 million of class A-1-R senior secured floating-rate notes at Libor plus 102 basis points and $63 million of class A-2-R senior secured floating-rate notes at Libor plus 150 bps.
J.P. Morgan Securities LLC was the refinancing agent.
In the original $608.1 million deal issued April 27, 2017, the CLO had priced $387 million of class A-1 floating-rate notes at Libor plus 130 bps, $51 million of class A-2a floating-rate notes at Libor plus 175 bps and $12 million of 3.89% class A-2b fixed-rate notes.
The original CLO also had sold $5.4 million of class X floating-rate notes at Libor plus 100 bps; $38.4 million of class B floating-rate notes at Libor plus 240 bps; $38.4 million of class C floating-rate notes at Libor plus 375 bps; $25.2 million of class D floating-rate notes at Libor plus 665 bps; $9.6 million of class E floating-rate notes at Libor plus 720 bps and $41.1 million of subordinated notes.
Proceeds were used to redeem outstanding notes.
The CLO is collateralized entirely by first-lien senior secured loans.
New York City-based Benefit Street Partners is a credit investment arm of Providence Equity Partners LLC.
| Issuer: | Benefit Street Partners CLO XI, Ltd./Benefit Street Partners CLO XI LLC
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| Amount: | $608.1 million refinancing
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| Maturity: | April 2029
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| Securities: | Fixed-rate, floating-rate and subordinated notes
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| Structure: | Cash flow CLO
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| Refinancing agent: | J.P. Morgan Securities LLC
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| Manager: | Benefit Street Partners LLC
|
| Call feature: | Two years
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| Settlement date: | March 13
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A-1-R notes
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| Amount: | $387 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 102 bps
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| Rating: | Moody’s: Aaa
|
|
|
| Class A-2-R notes
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| Amount: | $63 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 150 bps
|
| Rating: | Moody’s: Aa1
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