Chicago, Oct. 25 – FC BSL CLO Manager LLC sold $400.7 million in a collateralized loan obligation being issued by Fortress Credit BSL XV Ltd., according to a presale report and a press release.
The notes will mature on October 2033.
The CLO consists of $200 million of class A-T senior secured floating-rate notes at SOFR plus 220 basis points, $40 million of class A-L senior secured floating-rate loans at SOFR plus 220 bps, $8 million of class A-F 5.73% senior secured fixed-rate notes, $42 million of class B senior secured floating-rate notes at SOFR plus 300 bps, $26.6 million of class C-1 deferrable mezzanine floating-rate notes at SOFR plus 445 bps, $6 million of class C-2 7.8% deferrable mezzanine fixed-rate notes, $23.4 million of class D deferrable mezzanine floating-rate notes at SOFR plus 612 bps, $12.8 million of class E deferrable mezzanine floating-rate notes at SOFR plus 846 bps and $41.9 million of subordinated notes.
FC BSL CLO Manager LLC will manage the collateral through the end of the reinvestment period in October 2025.
Collateral for the notes consists of first-lien senior secured leveraged loans.
The notes can be called starting October 2023.
Natixis Securities Americas LLC was the placement agent.
Fortress Investment is a New York City-based investment firm. FC BSL is a subsidiary of Fortress Investment.
| Issuer: | Fortress Credit BSL XV Ltd.
|
| Issue: | Floating-rate notes, floating-rate loans, fixed-rate notes and subordinated notes
|
| Amount: | $400.7 million
|
| Maturity: | October 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | FC BSL CLO Manager LLC
|
| Call feature: | October 2023
|
| Settlement date: | Oct. 18
|
|
|
| Class A-T notes
|
| Amount: | $200 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-L loans
|
| Amount: | $40 million
|
| Securities: | Senior secured loans
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-F notes
|
| Amount: | $8 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.73%
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $42 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | Fitch: AA+
|
|
|
| Class C-1 notes
|
| Amount: | $26.6 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 445 bps
|
| Rating: | Fitch: A
|
|
|
| Class C-2 notes
|
| Amount: | $6 million
|
| Securities: | Deferrable mezzanine fixed-rate notes
|
| Coupon: | 7.8%
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $23.4 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 612 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $12.8 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 846 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $41.9 million
|
| Securities: | Subordinated notes
|
|
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