Chicago, May 3 – FC BSL CLO Manager II LLC sold $398 million in a collateralized loan obligation being issued by Fortress Credit BSL XVIII, according to multiple press releases.
The notes will mature on April 23, 2036.
The CLO consists of $40 million of class A-L senior secured floating-rate loans at SOFR plus 225 basis points, $208 million of class A-T senior secured floating-rate notes at SOFR plus 225 bps, $41 million of class B-1 senior secured floating-rate notes at SOFR plus 300 bps, $5 million of class B-2 6.23% senior secured fixed-rate notes, $24 million of class C deferrable mezzanine floating-rate notes at SOFR plus 400 bps, $14 million of class D-1 deferrable mezzanine floating-rate notes at SOFR plus 617 bps, $7.5 million of class D-2-A deferrable mezzanine floating-rate notes at SOFR plus 550 bps, $2.5 million of class D-2-B deferrable mezzanine floating-rate notes at SOFR plus 815 bps, $15 million of class E deferrable mezzanine floating-rate notes at SOFR plus 837 bps, $3 million of class F deferrable mezzanine floating-rate notes at SOFR plus 844 bps and $38 million of subordinated notes.
FC BSL CLO Manager II LLC will manage the collateral through the end of the reinvestment period on April 24, 2028.
Collateral for the notes consists of first-lien senior secured leveraged loans.
The notes can be called starting April 23, 2025.
Fortress Investment is a New York City-based investment firm. FC BSL is a subsidiary.
| Issuer: | Fortress Credit BSL XVIII
|
| Issue: | Floating-rate notes, floating-rate loans, fixed-rate notes and subordinated notes
|
| Amount: | $398 million
|
| Maturity: | April 23, 2036
|
| Structure: | Cash flow CLO
|
| Manager: | FC BSL CLO Manager II LLC
|
| Call feature: | April 23, 2025
|
| Settlement date: | March 23
|
|
|
| Class A-L loans
|
| Amount: | $40 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 225 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-T notes
|
| Amount: | $208 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-1 notes
|
| Amount: | $41 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
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| Amount: | $5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.23%
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
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| Amount: | $24 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 400 bps
|
| Rating: | Fitch: A+
|
|
|
| Class D-1 notes
|
| Amount: | $14 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 617 bps
|
| Rating: | Fitch: BBB
|
|
|
| Class D-2-A notes
|
| Amount: | $7.5 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 550 bps
|
| Rating: | Fitch: BBB+
|
|
|
| Class D-2-B notes
|
| Amount: | $2.5 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 815 bps
|
| Rating: | Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 837 bps
|
| Rating: | Fitch: BB+
|
|
|
| Class F notes
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| Amount: | $3 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 844 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $38 million
|
| Securities: | Subordinated notes
|
|
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