By Cristal Cody
Tupelo, Miss., Nov. 25 – BlackRock Capital Investment Advisors LLC priced $348.1 million of notes due Dec. 15, 2031 in a middle-market collateralized loan obligation transaction, according to market sources.
BlackRock Elbert CLO V Ltd./BlackRock Elbert CLO V Co-Issuer LLC sold $146 million of class A-1 floating-rate notes at Libor plus 190 basis points, $50 million of class A-1L floating-rate notes at Libor plus 190 bps, $9 million of class A-2 floating-rate notes at Libor plus 230 bps and $33 million of class B floating-rate notes at Libor plus 260 bps.
The CLO sold $24.5 million of class C deferrable floating-rate notes at Libor plus 380 bps, $17.5 million of class C deferrable floating-rate notes at Libor plus 380 bps, $17.5 million of class D deferrable floating-rate notes at Libor plus 540 bps, $17.5 million of class E deferrable floating-rate notes at Libor plus 940 bps and $50.6 million of subordinated notes.
Natixis Securities Americas LLC was the placement agent.
BlackRock Capital Investment Advisors is the CLO manager.
The issue has a one-year non-call period and a three-year reinvestment period.
The CLO is collateralized primarily by middle-market corporate loans.
BlackRock Capital is an investment management firm and part of New York-based BlackRock Inc.
| Issuer: | BlackRock Elbert CLO V Ltd./BlackRock Elbert CLO V Co-Issuer LLC
|
| Amount: | $348.1 million
|
| Maturity: | Dec. 15, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Middle-market CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | BlackRock Capital Investment Advisors LLC
|
| Call feature: | One year
|
| Pricing date: | Oct. 22
|
| Settlement date: | Dec. 3
|
|
|
| Class A-1 notes
|
| Amount: | $146 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-1L notes
|
| Amount: | $50 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes?
|
| Amount: | $9 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $33 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
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| Amount: | $17.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 540 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $17.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 555 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $50.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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