By Cristal Cody
Tupelo, Miss., Nov. 2 – Fortress Investment Group LLC sold $397.42 million of notes due Oct. 20, 2033 in the manager’s first broadly syndicated collateralized loan obligation offering of 2020, according to market sources.
Fortress Credit BSL IX Ltd./Fortress Credit BSL IX LLC priced $215 million of class A-1A floating-rate notes at Libor plus 153 basis points, $25 million of 2.09% class A-1F fixed-rate notes, $8 million of class A-2 floating-rate notes at Libor plus 190 bps and $48 million of class B floating-rate notes at Libor plus 230 bps.
The CLO sold $26 million of class C deferrable floating-rate notes at Libor plus 315 bps, $24 million of class D deferrable floating-rate notes at Libor plus 455 bps, $14 million of class E deferrable floating-rate notes at Libor plus 793 bps and $37.42 million of subordinated notes.
MUFG was the placement agent.
FS BSL IX 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 IX Ltd./Fortress Credit BSL IX LLC
|
| Amount: | $397.42 million
|
| Maturity: | Oct. 20, 2033
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | MUFG
|
| Manager: | FS BSL IX Management LLC
|
| Call feature: | Two years
|
| Pricing date: | Oct. 29
|
|
|
| Class A-1A notes
|
| Amount: | $215 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 153 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-1F notes
|
| Amount: | $25 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.09%
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | S&P: Non-rated
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 230 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $26 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 455 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 793 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $37.42 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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