Chicago, Nov. 7 – FC BSL CLO Manager II LLC priced $401.8 million in a collateralized loan obligation being issued by Fortress Credit BSL XVI Ltd./Fortress Credit BSL XVI LLC, according to a presale report.
The notes will mature on Oct. 22, 2035.
The CLO consists of $126.5 million of class A-1 floating-rate loans at SOFR plus 235 basis points, $94 million of class A-1 senior secured floating-rate notes at SOFR plus 235 bps, $27.5 million of class A-2 6.12% senior secured fixed-rate notes, $44.6 million of class B senior secured floating-rate notes at SOFR plus 340 bps, $26.2 million of class C deferrable mezzanine floating-rate notes at SOFR plus 467 bps, $18 million of class D-1 deferrable mezzanine floating-rate notes at SOFR plus 638 bps, $7.2 million of class D-2 deferrable mezzanine floating-rate notes at SOFR plus 777 bps, $13.4 million of class E deferrable mezzanine floating-rate notes at SOFR plus 846 bps, $500,000 of class F deferrable mezzanine floating-rate notes at SOFR plus 896 bps and $43.9 million of subordinated notes.
FC BSL CLO Manager II LLC will manage the collateral through the end of the reinvestment period in October 2026.
Collateral for the notes consists of non-investment grade broadly syndicated loans.
The notes can be called starting October 2024.
BofA Securities, Inc. was the placement agent.
Fortress Investment is a New York City-based investment firm. FC BSL is a subsidiary.
| Issuer: | Fortress Credit BSL XVI Ltd./Fortress Credit BSL XVI LLC
|
| Issue: | Floating-rate loans, floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $401.8 million
|
| Maturity: | Oct. 22, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities, Inc.
|
| Manager: | FC BSL CLO Manager II LLC
|
| Call feature: | October 2024
|
| Settlement date: | Nov. 17
|
|
|
| Class A-1 loans
|
| Amount: | $126.5 million
|
| Securities: | Floating-rate loans
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-1 notes
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| Amount: | $94 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
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| Amount: | $27.5 million
|
| Securities: | Senior secured fixed-rate notes
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| Coupon: | 6.12%
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
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| Amount: | $44.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 340 bps
|
|
|
| Class C notes
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| Amount: | $26.2 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 467 bps
|
|
|
| Class D-1 notes
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| Amount: | $18 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 638 bps
|
|
|
| Class D-2 notes
|
| Amount: | $7.2 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 777 bps
|
|
|
| Class E notes
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| Amount: | $13.4 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 846 bps
|
|
|
| Class F notes
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| Amount: | $500,000
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| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 896 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $43.9 million
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| Securities: | Subordinated notes
|
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