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
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Amount: | $401 million
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Maturity: | Oct. 20, 2032
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Securities: | Fixed-rate, floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Natixis Securities Americas LLC
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Manager: | FS BSL VIII Management LLC
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Call feature: | Two years
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Pricing date: | Oct. 4
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Settlement date: | Oct. 24
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Class A-1A notes
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Amount: | $191 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 144 bps
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Rating: | S&P: AAA
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Class A-1F notes
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Amount: | $25 million
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Securities: | Fixed-rate notes
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Coupon: | 2.78%
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Rating: | S&P: AAA
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Class A-2 notes
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Amount: | $32 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 195 bps
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Rating: | S&P: Non-rated
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Class B notes
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Amount: | $48 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 225 bps
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Rating: | S&P: AA
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Class C notes
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Amount: | $24 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 320 bps
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Rating: | S&P: A
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Class D notes
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Amount: | $24 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 435 bps
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $20 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 701 bps
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Rating: | S&P: BB-
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Equity
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Amount: | $37 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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