Chicago, Sept. 22 – FC BSL XII Management LLC sold $602.1 million in a collateralized loan obligation being issued by Fortress Credit BSL XII Ltd./Fortress Credit BSL XII LLC, according to a pre-sale report.
The notes will mature on Oct. 15, 2034.
The CLO consists of $360 million of class A senior secured floating-rate notes at Libor plus 125 basis points, $57 million of class B-1 senior secured floating-rate notes at Libor plus 180 bps, $30 million of class B-2 2.7% senior secured fixed-rate notes, $39 million of class C senior secured deferrable floating-rate notes at Libor plus 240 bps, $36 million of class D senior secured deferrable floating-rate notes at Libor plus 365 bps, $24 million of class E senior secured deferrable floating-rate notes at Libor plus 713 bps and $56.095 million of subordinated notes.
FC BSL XII Management LLC will manage the collateral through the end of the reinvestment period on Oct. 15, 2026.
The notes can be called starting Oct. 15, 2023.
Goldman Sachs & Co. LLC was the placement agent.
The notes are collateralized by at least 92.5% senior secured loans, cash and eligible investments with at least 80% of borrowers based in the United States.
Fortress Investment is a New York City-based investment firm. FC BSL is a subsidiary of Fortress Investment. The transaction will be under a services agreement with Fortress CLO Advisors LLC.
| Issuer: | Fortress Credit BSL XII Ltd./Fortress Credit BSL XII LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $602.095 million
|
| Maturity: | Oct. 15, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | FC BSL XII Management LLC
|
| Call feature: | Oct. 15, 2023
|
| Settlement date: | Sept. 24
|
|
|
| Class A notes
|
| Amount: | $360 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $57 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $30 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.7%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $39 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 713 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $56.095 million
|
| Securities: | Subordinated notes
|
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