Chicago, Aug. 18 – BlackRock Financial Management Inc. sold $506.8 million in a collateralized loan obligation being issued by Magnetite XXXI Ltd./Magnetite XXXI LLC, according to a pre-sale report.
The notes will mature on July 15, 2026.
The CLO consists of $310 million of class A-1 senior secured floating-rate notes at Libor plus 110 basis points, $10 million of class A-2 2.21% senior secured fixed-rate notes, $60 million of class B senior secured floating-rate notes at Libor plus 165 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 190 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 300 bps, $20 million of class E senior secured deferrable floating-rate notes at Libor plus 600 bps and$46.8 million of subordinated notes.
BlackRock Financial Management Inc. will manage the collateral through the end of the reinvestment period on July 15, 2026.
The notes can be called starting July 15, 2023.
Goldman Sachs & Co. LLC was the placement agent.
BlackRock is an investment management firm based in New York City.
| Issuer: | Magnetite XXXI Ltd./Magnetite XXXI LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $506.8 million
|
| Maturity: | July 15, 2026
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | BlackRock Financial Management Inc.
|
| Call feature: | July 15, 2023
|
| Settlement date: | Aug. 10
|
|
|
| Class A-1 notes
|
| Amount: | $310 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.21%
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $46.8 million
|
| Securities: | Subordinated notes
|
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