By Cristal Cody
Tupelo, Miss., June 25 – Fortress Investment Group LLC brought a $408 million collateralized loan obligation transaction to market, according to details from a market source.
Fortress Credit Funding IV Ltd./Fortress Credit Investments IV LLC priced $220 million of class A senior secured floating-rate notes at Libor plus 125 basis points; $68 million of class B senior secured floating-rate notes at Libor plus 190 bps; $32 million of class C deferrable floating-rate notes at Libor plus 290 bps; $23 million of class D deferrable floating-rate notes at Libor plus 350 bps; $21 million of class E deferrable floating-rate notes at Libor plus 510 bps and $44 million of subordinated notes.
The notes are due July 17, 2023. The CLO is non-callable until July 17, 2017.
BofA Merrill Lynch was the placement agent.
Fortress Credit Investment IV CM LLC will manage the CLO.
The deal is backed primarily by a static pool of broadly syndicated senior secured corporate loans.
Fortress Investment Group has priced two new CLOs and refinanced two vintage 2012 deals year to date.
The New York City-based investment firm brought two CLO transactions in 2014.
Issuer: | Fortress Credit Funding IV Ltd./Fortress Credit Investments IV LLC
|
Amount: | $408 million
|
Maturity: | July 17, 2023
|
Securities: | Floating-rate and subordinated notes
|
Structure: | Cash flow CLO
|
Placement agent: | BofA Merrill Lynch
|
Manager: | Fortress Credit Investment IV CM LLC
|
Call feature: | July 17, 2017
|
Pricing date: | June 9
|
Settlement date: | June 23
|
|
Class A notes
|
Amount: | $220 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 125 bps
|
Ratings: | Moody’s: Aaa
|
| Standard & Poor’s: AAA
|
|
Class B notes
|
Amount: | $68 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | Libor plus 190 bps
|
Ratings: | Standard & Poor’s: AA
|
|
Class C notes
|
Amount: | $32 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 290 bps
|
Ratings: | Standard & Poor’s: A
|
|
Class D notes
|
Amount: | $23 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 350 bps
|
Ratings: | Standard & Poor’s: BBB
|
|
Class E notes
|
Amount: | $21 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 510 bps
|
Ratings: | Standard & Poor’s: BB
|
|
Equity
|
Amount: | $44 million
|
Securities: | Subordinated notes
|
Ratings: | Non-rated
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.