Chicago, March 7 – BlackRock Financial Management, Inc. sold $408.2 million in a collateralized loan obligation being issued by Magnetite XXXIV, Ltd., according to a new issue report.
The notes will mature on April 21, 2036.
The CLO consists of $262.4 million of class A senior secured floating-rate notes at SOFR plus 187 basis points, $48.6 million of class B senior secured floating-rate notes at SOFR plus 250 bps, $20.9 million of class C deferrable mezzanine floating-rate notes at SOFR plus 320 bps, $24 million of class D deferrable mezzanine floating-rate notes at SOFR plus 520 bps, $12.9 million of class E deferrable mezzanine floating-rate notes at SOFR plus 850 bps, $400,000 of class F deferrable mezzanine floating-rate notes at SOFR plus 799 bps and $39 million of subordinated notes.
BlackRock Financial Management, Inc. will manage the collateral through the end of the reinvestment period on April 20, 2028.
Collateral for the notes consists of first-lien senior secured leveraged loans.
The notes can be called starting Feb. 27, 2025.
BlackRock is an investment management firm based in New York City.
| Issuer: | Magnetite XXXIV, Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $408.2 million
|
| Maturity: | April 21, 2036
|
| Structure: | Cash flow CLO
|
| Manager: | BlackRock Financial Management, Inc.
|
| Call feature: | Feb. 27, 2025
|
| Settlement date: | Feb. 27
|
|
|
| Class A notes
|
| Amount: | $262.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 187 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $48.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $20.9 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 320 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 520 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $12.9 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 850 bps
|
| Rating: | Fitch: BB
|
|
|
| Class F notes
|
| Amount: | $400,000
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 799 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $39 million
|
| Securities: | Subordinated notes
|
|
|
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