By Cristal Cody
Tupelo, Miss., July 17 – Benefit Street Partners LLC priced $397 million of notes due July 15, 2031 in the manager’s second new broadly syndicated collateralized loan obligation offering of the year, according to market sources.
Benefit Street Partners CLO XXI Ltd./Benefit Street Partners CLO XXI LLC sold $240 million of class A-1 floating-rate notes at Libor plus 170 basis points, $8 million of class A-2 floating-rate notes at Libor plus 200 bps, $42 million of class B-1 floating-rate notes at Libor plus 225 bps and $10 million of 2.66% class B-2 fixed-rate notes.
Also, the CLO priced $24 million of class C deferrable floating-rate notes at Libor plus 280 bps, $24 million of class D deferrable floating-rate notes at Libor plus 435 bps, $14 million of class E deferrable floating-rate notes at Libor plus 804 bps and $35 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
BSP CLO Management LLC is the CLO manager.
The CLO has a one-year non-call period and a three-year reinvestment period.
The notes are collateralized mostly by first-lien senior secured loans.
Benefit Street has priced two new CLOs and one refinancing transaction year to date.
New York City-based Benefit Street Partners is a credit investment subsidiary of Franklin Templeton Investments.
| Issuer: | Benefit Street Partners CLO XXI, Ltd./Benefit Street Partners CLO XXI LLC
|
| Amount: | $397 million
|
| Maturity: | July 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | BSP CLO Management LLC
|
| Call feature: | One year
|
| Settlement date: | Aug. 12
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Ratings: | S&P: Non-rated
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $42 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $10 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.66%
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 435 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 804 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $35 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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