Chicago, Aug. 29 – BlackRock Capital Investment Advisors LLC priced $230 million in a new middle-market collateralized loan obligation, according to a market source.
The notes will be issued by BlackRock Elbert CLO V, LLC.
The CLO sold $152.7 million of class A-R floating-rate loans with a step-up feature, starting at Libor plus 200 basis points. After 13 months from the closing date, the coupon will step up to Libor plus 225 bps and after 19 months from the closing date will step up to Libor plus 250 bps.
Additionally, the CLO priced $14.9 million class B notes at Libor plus 400 bps; $11.8 million class C notes at Libor plus 500 bps and $50.6 million of subordinated notes.
The new CLO has a 19-month reinvestment period, ending March 9, 2021.
Natixis Securities Americas LLC served as the arranger.
The portfolio consists primarily of senior secured floating-rate middle-market loans.
BlackRock Capital is a wholly owned subsidiary of BlackRock, Inc.
| Issuer: | BlackRock Elbert CLO V, LLC
|
| Amount: | $230 million
|
| Maturity: | Aug. 9, 2027
|
| Securities: | Floating-rate loans, floating-rate notes and subordinated notes
|
| Structure: | Cash flow CLO
|
| Manager: | BlackRock Capital Investment Advisors LLC
|
| Arranger: | Natixis Securities Americas LLC
|
| Settlement date: | Aug. 9
|
|
|
| Class A-R loans
|
| Amount: | $152.7 million
|
| Securities: | Floating-rate loans with step-up feature
|
| Coupon: | Libor plus 200 bps, stepping up to Libor plus 225 bps after 13 months and Libor plus 250 bps after 19 months
|
| Rating: | DBRS: AA
|
|
|
| Class B notes
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| Amount: | $14.9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | DBRS: A (low)
|
|
|
| Class C notes
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| Amount: | $11.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | DBRS: BBB (low)
|
|
|
| Subordinated notes
|
| Amount: | $50.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Not rated
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