By Cristal Cody
Tupelo, Miss., Dec. 15 – BlackRock Financial Management, Inc. sold $456.5 million of notes due Jan. 25, 2032 in the manager’s fourth broadly syndicated collateralized loan obligation offering year to date, according to market sources.
Magnetite XXV, Ltd./Magnetite XXV LLC priced $283.5 million of class A floating-rate notes at Libor plus 120 basis points and $58.5 million of class B floating-rate notes at Libor plus 155 bps.
The CLO also sold $27 million of class C deferrable floating-rate notes at Libor plus 210 bps, $27 million of class D deferrable floating-rate notes at Libor plus 330 bps, $14.6 million of class E deferrable floating-rate notes at Libor plus 635 bps and $45.9 million of subordinated notes.
GreensLedge Capital Markets LLC was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The notes are collateralized primarily by broadly syndicated first-lien senior secured loans.
BlackRock is an investment management firm based in New York City.
| Issuer: | Magnetite XXV, Ltd./Magnetite XXV LLC
|
| Amount: | $456.5 million
|
| Maturity: | Jan. 25, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | GreensLedge Capital Markets LLC
|
| Manager: | BlackRock Financial Management, Inc.
|
| Call feature: | One year
|
| Pricing date: | Dec. 2
|
| Settlement date: | Dec. 29
|
|
|
| Class A notes
|
| Amount: | $283.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $58.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 330 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14.6 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 635 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $45.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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