Chicago, Aug. 26 – Fortress Investment Group LLC affiliate FC BSL XI Management LLC sold $402.8 million in a collateralized loan obligation being issued by Fortress Credit BSL XI Ltd./Fortress Credit BSL XI LLC, according to a pre-sale report.
The notes will mature on July 20, 2034.
The CLO consists of $240 million of class A senior secured floating-rate notes at Libor plus 125 basis points, $39 million of class B-1 senior secured floating-rate notes at Libor plus 180 bps, $17 million of class B-2 3% senior secured fixed-rate notes, $26 million of class C senior secured deferrable floating-rate notes at Libor plus 240 bps, $24 million of class D senior secured deferrable floating-rate notes at Libor plus 365 bps, $15 million of class E senior secured deferrable floating-rate notes at Libor plus 706 bps and $41.8 million of subordinated notes.
FC BSL XI Management LLC will manage the collateral through the end of the reinvestment period on July 20, 2026.
The notes can be called starting July 20, 2023.
Natixis Securities Americas LLC was the placement agent.
Fortress Investment is a New York City-based investment firm.
| Issuer: | Fortress Credit BSL XI Ltd./Fortress Credit BSL XI LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $402.8 million
|
| Maturity: | July 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | FC BSL XI Management LLC
|
| Call feature: | July 20, 2023
|
| Settlement date: | Aug. 3
|
|
|
| Class A notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $39 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $17 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 706 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $41.8 million
|
| Securities: | Subordinated notes
|
|
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