By Cristal Cody
Tupelo, Miss., March 6 - Fortress Credit BSL Ltd./ Fortress Credit BSL LLC sold $412 million in a collateralized loan obligation offering due Jan. 19, 2025, according to a market source.
Fortress Credit priced $247 million of class A senior secured floating-rate notes (Aaa/AAA/) at Libor plus 118 basis points; $48 million of class B senior secured floating-rate notes (/AA/) at Libor plus 190 bps; $29.5 million of class C senior secured floating-rate notes (/A/) at Libor plus 290 bps; $21 million of class D senior secured floating-rate notes (/BBB/) at Libor plus 350 bps; $22 million of class E senior secured floating-rate notes (/BB/) at Libor plus 485 bps; and $44.5 million of non-rated subordinated notes.
BofA Merrill Lynch was the placement agent.
The CLO manager is FS BSL CM LLC, a newly formed, bankruptcy-remote special purpose vehicle that will enter into a services agreement with Drawbridge Special Opportunities Advisors LLC, a subsidiary of FIG LLC.
Collateral consists of a revolving pool of broadly syndicated senior secured loans.
The notes have a two-year non-call period.
The deal closes on Thursday.
Fortress Credit BSL is a managed cash-flow CLO.
| Issuer: | Fortress Credit BSL Ltd./ Fortress Credit BSL LLC
|
| Amount: | $412 million
|
| Maturity: | Jan. 19, 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash-flow CLO
|
| Placement agent: | BofA Merrill Lynch
|
| Manager: | FS BSL CM LLC
|
| Call feature: | Two years
|
| Settlement date: | March 7
|
|
|
| Amount: | $247 million
|
| Securities: | Class A senior secured floating-rate notes
|
| Coupon: | Libor plus 118 bps
|
| Ratings: | Moody's: Aaa
|
| Standard & Poor's: AAA
|
|
|
| Amount: | $48 million
|
| Securities: | Class B senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | Standard & Poor's: AA
|
|
|
| Amount: | $29.5 million
|
| Securities: | Class C senior secured floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Standard & Poor's: A
|
|
|
| Amount: | $21 million
|
| Securities: | Class D senior secured floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Standard & Poor's: BBB
|
|
|
| Amount: | $22 million
|
| Securities: | Class E senior secured floating-rate notes
|
| Coupon: | Libor plus 485 bps
|
| Rating: | Standard & Poor's: BB
|
|
|
| Amount: | $44.5 million
|
| Securities: | Subordinated notes
|
| Rating: | Non-rated
|
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