Chicago, March 22 – BlackRock Financial Management, Inc. sold $560.5 million in a new collateralized loan obligation that lists Magnetite XXIX, Ltd./Magnetite XXIX LLC as issuers, according to a notice.
The CLO, due Jan. 16, 2034, includes $357.5 million of class A senior secured floating-rate notes at Libor plus 99 basis points and $60.5 million of class B senior secured floating-rate notes at Libor plus 140 bps.
In the deferrable tier there are $27.5 million of class C deferrable mezzanine floating-rate notes at Libor plus 165 bps, $33 million of class D deferrable mezzanine floating-rate notes at Libor plus 260 bps and $26.1 million of class E deferrable mezzanine floating-rate notes at Libor plus 575 bps.
The portfolio also has $55.9 million of subordinated notes.
Morgan Stanley & Co. LLC is underwriting the offering.
BlackRock Financial Management will manage the collateral during the three-year reinvestment period.
Collateral must consist primarily of senior secured loans.
BlackRock is an investment management firm based in New York City.
| Issuers: | Magnetite XXIX, Ltd./Magnetite XXIX LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $560.5 million
|
| Maturity: | Jan. 16, 2034
|
| Agent: | Morgan Stanley & Co. LLC
|
| Manager: | BlackRock Financial Management, Inc.
|
| Settlement date: | March 18
|
|
|
| Class A notes
|
| Amount: | $357.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 99 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $60.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $33 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 260 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | $26.1 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $55.9 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.
