Chicago, Nov. 22 – FC BSL CLO Manager III LLC priced $403.4 million of notes in a collateralized loan obligation being issued by Fortress Credit BSL XX Ltd./Fortress Credit BSL XX LLC, according to a presale report.
The notes will mature on Jan. 23, 2037.
The CLO consists of $250 million of class A senior secured floating-rate notes at SOFR plus 185 basis points, $38 million of class B-1 senior secured floating-rate notes at SOFR plus 315 bps, $10 million of class B-2 7.62% senior secured fixed-rate notes, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 385 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 567 bps, $14 million of class E senior secured deferrable floating-rate notes at SOFR plus 851 bps and $43.4 million of subordinated notes.
FC BSL CLO Manager III will manage the collateral through the end of the reinvestment period on Jan. 23, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 23, 2026.
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 XX Ltd./Fortress Credit BSL XX LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $403.4 million
|
| Maturity: | Jan. 23, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | FC BSL CLO Manager III LLC
|
| Call feature: | Jan. 23, 2026
|
| Pricing date: | Nov. 16
|
| Settlement date: | Dec. 14
|
|
|
| Class A notes
|
| Amount: | $250 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $38 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 315 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 7.62%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 385 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 567 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 851 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $43.4 million
|
| Securities: | Subordinated notes
|
|
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