By Cristal Cody
Tupelo, Miss., Nov. 27 – BlackRock Financial Management, Inc. sold $608,835,000 of notes due Jan. 15, 2033 in a new issue collateralized loan obligation deal, according to market sources.
Magnetite XXIV, Ltd./Magnetite XXIV LLC priced $384 million of class A floating-rate notes at Libor plus 133 basis points; $72 million of class B floating-rate notes at Libor plus 185 bps; $36 million of class C deferrable floating-rate notes at Libor plus 255 bps; $33 million of class D deferrable floating-rate notes at Libor plus 380 bps; $27 million of class E deferrable floating-rate notes at Libor plus 695 bps and $56,835,000 of subordinated notes.
Wells Fargo Securities LLC was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The offering is collateralized primarily by broadly syndicated first-lien senior secured loans.
BlackRock is an investment management firm based in New York City.
| Issuer: | Magnetite XXIV, Ltd./Magnetite XXIV LLC
|
| Amount: | $608,835,000
|
| Maturity: | Jan. 15, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | BlackRock Financial Management, Inc.
|
| Call feature: | Two years
|
| Pricing date: | Nov. 19
|
| Settlement date: | Dec. 20
|
|
|
| Class A notes
|
| Amount: | $384 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 133 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $72 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $36 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 255 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $33 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $27 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 695 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $56,835,000
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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