By Cristal Cody
Tupelo, Miss., Oct. 30 – Fortress Investment Group LLC affiliate FC BSL Management LLC Series IV sold $563 million of notes due Oct. 26, 2029 in a new broadly syndicated CLO transaction, according to market sources.
Fortress Credit BSL IV Ltd. priced $326.7 million of class A senior secured floating-rate notes at a discount margin of Libor plus basis 124 points; $70.8 million of class B-1 senior secured floating-rate notes at a discount margin of Libor plus 187 basis points; $35.2 million of class C deferrable mezzanine floating-rate notes at a discount margin of Libor plus 250 bps; $30.8 million of class D deferrable mezzanine floating-rate notes at a discount margin of Libor plus 350 bps; $22 million of class E deferrable mezzanine floating-rate notes at a discount margin of Libor plus 725 bps and $62.5 million of subordinated notes.
The deal also included $15 million of class B-2 senior secured fixed-rate notes.
MUFG was the placement agent.
The CLO manager is FC BSL Management LLC Series IV.
The CLO has a two-year non-call period and a four-year reinvestment period.
The deal is backed mainly by broadly syndicated first-lien senior secured corporate loans.
Fortress Investment is a New York City-based investment firm.
| Issuer: | Fortress Credit BSL IV Ltd.
|
| Amount: | $563 million
|
| Maturity: | Oct. 26, 2029
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | MUFG
|
| Manager: | FC BSL Management LLC Series IV
|
| Call feature: | Two years
|
| Pricing date: | Oct. 26
|
| Settlement date: | Nov. 8
|
|
|
| Class A notes
|
| Amount: | $326.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Discount margin: | Libor plus 124 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $70.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Discount margin: | Libor plus 187 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $35.2 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Discount margin: | Libor plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30.8 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Discount margin: | Libor plus 350 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | $22 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Discount margin: | Libor plus 725 bps
|
| Rating: | S&P: BB
|
|
|
| Equity
|
| Amount: | $62.5 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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