By Cristal Cody
Tupelo, Miss., Oct. 26 – BlackRock Financial Management, Inc. sold $620.3 million of notes due Oct. 25, 2027 in the firm’s third new collateralized loan obligation transaction of the year, according to a market source.
Magnetite XV, Ltd./Magnetite XV LLC priced $389 million of class A senior secured floating-rate notes at Libor plus 148 basis points in the senior tranche.
The CLO sold $51.8 million of class B-1 senior secured floating-rate notes at Libor plus 220 bps and $10 million of 3.8% class B-2 senior secured fixed-rate notes.
Magnetite XV also priced $43.7 million of class C deferrable mezzanine floating-rate notes at Libor plus 300 bps; $32.6 million of class D deferrable mezzanine floating-rate notes at Libor plus 400 bps; $30.3 million of class E deferrable mezzanine floating-rate notes at Libor plus 645 bps and $62.9 million of subordinated notes.
GreensLedge Capital Markets LLC was the underwriter.
BlackRock Financial Management will manage the CLO.
The CLO is backed primarily by broadly syndicated first lien senior secured corporate loans.
BlackRock Financial Management has priced three new CLOs and refinanced one vintage 2012 CLO year to date.
The New York City-based investment management firm priced three CLO deals in 2014.
| Issuer: | Magnetite XV, Ltd./Magnetite XV LLC
|
| Amount: | $620.3 million
|
| Maturity: | Oct. 25, 2027
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | GreensLedge Capital Markets LLC
|
| Manager: | BlackRock Financial Management, Inc.
|
| Pricing date: | Oct. 20
|
| Settlement date: | Nov. 18
|
|
|
| Class A notes
|
| Amount: | $389 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | Libor plus 148 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA expected
|
|
|
| Class B-1 notes
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| Amount: | $51.8 million
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| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class B-2 notes
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| Amount: | $10 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 3.8%
|
| Ratings: | Moody’s: Aa2
|
|
|
| Class C notes
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| Amount: | $43.7 million
|
| Securities: | Deferrable mezzanine floating-rate notes
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| Coupon: | Libor plus 300 bps
|
| Ratings: | Moody’s: A2
|
|
|
| Class D notes
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| Amount: | $32.6 million
|
| Securities: | Deferrable mezzanine floating-rate notes
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| Coupon: | Libor plus 400 bps
|
| Ratings: | Moody’s: Baa3
|
|
|
| Class E notes
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| Amount: | $30.3 million
|
| Securities: | Deferrable mezzanine floating-rate notes
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| Coupon: | Libor plus 645 bps
|
| Ratings: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $62.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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