By Cristal Cody
Tupelo, Miss., Aug. 28 – Fortress Investment Group LLC affiliate FCOD CLO Management LLC sold $43.9 million of notes due April 15, 2031 in a partial refinancing of a vintage 2018 middle-market collateralized loan obligation transaction, according to market sources.
Fortress Credit Opportunities XI CLO Ltd./Fortress Credit Opportunities XI CLO LLC priced $30 million of 2.45% class A-1F-R senior secured fixed-rate notes (expected ratings Aaa/AAA) and $13.9 million of 3.32% class B-F-R senior secured fixed-rate notes (AA).
The original $30 million of 4.03% class A-1F notes and $13.9 million of 4.45% class B-F notes were issued April 16, 2018.
Natixis Securities America LLC was the refinancing placement agent.
The CLO has a one-year non-call period.
Proceeds will be used to redeem the original class A-1F and B-F notes on Aug. 31.
The CLO is backed primarily by middle-market senior secured corporate loans.
Fortress Investment Group is based in New York.
| Issuer: | Fortress Credit Opportunities XI CLO Ltd./Fortress Credit Opportunities XI CLO LLC
|
| Amount: | $43.9 million refinancing
|
| Maturity: | April 15, 2031
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| Securities: | Fixed-rate notes
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| Structure: | Middle-market CLO
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| Placement agent: | Natixis Securities America LLC
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| Manager: | FCOD CLO Management LLC
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| Call feature: | One year
|
| Pricing date: | Aug. 18
|
| Settlement date: | Aug. 31
|
|
|
| Class A-1F-R notes
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| Amount: | $30 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.45%
|
| Ratings: | Moody’s: Aaa expected
|
| S&P: AAA
|
|
|
| Class B-F-R notes
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| Amount: | $13.9 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.32%
|
| Ratings: | S&P: AA
|
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