Chicago, March 29 – FCOD CLO Management LLC priced a new $398 million collateralized loan obligation transaction with Fortress Credit Opportunities XV CLO Ltd. listed as issuer, according to a notice.
The portfolio, due April 25, 2033, has $70 million of class A-R senior secured revolving floating-rate notes at Libor plus 155 basis points, $30 million of class A-L senior secured floating-rate loans at Libor plus 155 bps and $116 million of class A-T senior secured floating-rate notes at Libor plus 155 bps.
Additionally, there are $24 million of class B senior secured floating-rate notes at Libor plus 185 bps, $32 million of class C deferrable mezzanine floating-rate notes at Libor plus 265 bps, $36 million of class D deferrable mezzanine floating-rate notes at Libor plus 375 bps and $90 million of subordinated notes.
At closing the A-T notes will have a balance of $116 million. At any time the loans in class A-L can be converted in whole to class A-T notes. The aggregate principal balance of class A-L loans cannot exceed $146 million.
Collateral for the portfolio comes from middle-market corporate loans and broadly syndicated senior secured corporate loans, for the most part.
FCOD CLO Management will manage the portfolio through the end of the four-year reinvestment period.
Natixis Securities Americas LLC is the underwriter.
Fortress Credit Opportunities is a securities asset fund based in Las Vegas.
| Issuer: | Fortress Credit Opportunities XV CLO Ltd.
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $398 million
|
| Maturity: | April 25, 2023
|
| Agent: | Natixis Securities Americas LLC
|
| Manager: | FCOD CLO Management LLC
|
| Announcement date: | March 25
|
| Settlement date: | March 25
|
|
|
| Class A-R notes
|
| Amount: | $70 million
|
| Securities: | Senior secured revolving floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-L loans
|
| Amount: | $30 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-T notes
|
| Amount: | $116 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $24 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $32 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $36 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 375 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Subordinated notes
|
| Amount: | $90 million
|
| Securities: | Subordinated notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
