Chicago, Aug. 22 – BlackRock Financial Management, Inc. sold $491.3 million in a collateralized loan obligation issued by Magnetite XXXV, Ltd., according to a new issue report and a press release.
The notes will mature on Oct. 25, 2035.
The CLO consists of $314 million of class A-1 senior secured floating-rate notes at SOFR plus 205 basis points, $6 million of class A-2 4.8% senior secured fixed-rate notes, $15 million of class B-1 senior secured floating-rate notes at SOFR plus 385 bps, $35 million of class B-2 5.68% senior secured fixed-rate notes, $28.8 million of class C deferrable mezzanine floating-rate notes at SOFR plus 385 bps, $31.3 million of class D deferrable mezzanine floating-rate notes at SOFR plus 488 bps, $16.3 million of class E deferrable mezzanine floating-rate notes at SOFR plus 790 bps and $44.9 million of subordinated notes.
BlackRock Financial Management, Inc. will manage the collateral through the end of the 3.2-year reinvestment period.
Collateral for the notes consists of first-lien senior secured leveraged loans.
BlackRock is an investment management firm based in New York City.
| Issuer: | Magnetite XXXV, Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $491.3 million
|
| Maturity: | Oct. 25, 2035
|
| Structure: | Cash flow CLO
|
| Manager: | BlackRock Financial Management, Inc.
|
| Settlement date: | Aug. 12
|
|
|
| Class A-1 notes
|
| Amount: | $314 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 205 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $6 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.8%
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | $15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 385 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class B-2 notes
|
| Amount: | $35 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.68%
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $28.8 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 385 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $31.3 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 488 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $16.3 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 790 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $44.9 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.
