By Cristal Cody
Tupelo, Miss., Oct. 9 – Fortress Investment Group LLC sold $401 million of notes due Oct. 20, 2032 in its second new broadly syndicated collateralized loan obligation offering of the year, according to market sources.
Fortress Credit BSL VIII Ltd./Fortress Credit BSL VIII LLC priced $191 million of class A-1A floating-rate notes at Libor plus 144 basis points, $25 million of 2.78% class A-1F fixed-rate notes and $32 million of class A-2 at Libor plus 195 bps.
The CLO sold $48 million of class B floating-rate notes at Libor plus 225 bps; $24 million of class C deferrable floating-rate notes at Libor plus 320 bps; $24 million of class D deferrable floating-rate notes at Libor plus 435 bps; $20 million of class E deferrable floating-rate notes at Libor plus 701 bps and $37 million of subordinated notes.
Natixis Securities Americas LLC was the placement agent.
FS BSL VIII Management LLC will manage the CLO.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is backed primarily by broadly syndicated senior secured corporate loans.
Fortress Investment is a New York City-based investment firm.
| Issuer: | Fortress Credit BSL VIII Ltd./Fortress Credit BSL VIII LLC
|
| Amount: | $401 million
|
| Maturity: | Oct. 20, 2032
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | FS BSL VIII Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Oct. 4
|
| Settlement date: | Oct. 24
|
|
|
| Class A-1A notes
|
| Amount: | $191 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 144 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1F notes
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| Amount: | $25 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.78%
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $32 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 320 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 435 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 701 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $37 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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