By Cristal Cody
Tupelo, Miss., May 29 – Fortress Investment Group LLC refinanced $44.46 million of notes due Aug. 15, 2022 in a vintage 2012 collateralized loan obligation transaction, according to a market source.
Fortress Credit Funding VI LP sold $17.17 million of class A-2R floating-rate notes at Libor plus 265 basis points, compared with where the notes originally priced at Libor plus 375 bps.
The CLO placed $15.22 million of class B-R floating-rate notes at Libor plus 365 bps, tighter than where the notes originally priced at Libor plus 480 bps.
The CLO refinanced $9.86 million of class C-R floating-rate notes at Libor plus 485 bps. The notes originally priced at Libor plus 575 bps.
In the last tranche, the CLO refinanced $2.21 million of class D-R floating-rate notes at Libor plus 540 bps, tighter than where the notes originally priced at Libor plus 625 bps.
Natixis Securities America LLC was the refinancing agent.
Fortress Investment Group is the CLO manager.
Proceeds from the refinancing were used to redeem the original classes of notes.
Fortress Investment Group also refinanced $104.6 million of notes in the Fortress Credit Funding V LP vehicle in May.
The New York City-based investment firm was in the primary market on March 19 with the $350 million Fortress Credit Opportunities VI CLO Ltd./Fortress Credit Opportunities VI CLO LLC deal.
| Issuer: | Fortress Credit Funding VI LP
|
| Amount: | $44.46 million refinancing
|
| Maturity: | Aug. 15, 2022
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Natixis Securities America LLC
|
| Manager: | Fortress Investment Group LLC
|
| Pricing date: | May 15
|
|
|
| Class A-2R notes
|
| Amount: | $17.17 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | Standard & Poor’s: AA
|
|
|
| Class B-R notes
|
| Amount: | $15.22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | Standard & Poor’s: A
|
|
|
| Class C-R notes
|
| Amount: | $9.86 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 485 bps
|
| Rating: | Standard & Poor’s: BBB
|
|
|
| Class D-R notes
|
| Amount: | $2.21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 540 bps
|
| Rating: | Standard & Poor’s: BBB-
|
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