Chicago, Sept. 26 – BlackRock Financial Management Inc. priced $503.7 million of notes in a collateralized loan obligation being issued by Magnetite XXXVII Ltd./Magnetite XXXVII LLC, according to a presale report.
The notes will mature on Oct. 20, 2036.
The CLO consists of $320 million of class A senior secured floating-rate notes at SOFR plus 165 basis points, $60 million of class B senior secured floating-rate notes at SOFR plus 230 bps, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 270 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 400 bps, $17 million of class E senior secured deferrable floating-rate notes at SOFR plus 700 bps and $46.7 million of subordinated notes.
BlackRock Financial Management Inc. will manage the collateral through the end of the reinvestment period on Oct. 20, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 5, 2025.
Nomura Securities International Inc. was the placement agent.
BlackRock is an investment management firm based in New York City.
| Issuer: | Magnetite XXXVII Ltd./Magnetite XXXVII LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $503.7 million
|
| Maturity: | Oct. 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Nomura Securities International Inc.
|
| Manager: | BlackRock Financial Management Inc.
|
| Call feature: | Oct. 5, 2025
|
| Pricing date: | Sept. 20
|
| Settlement date: | Oct. 5
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 165 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 270 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 400 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 700 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $46.7 million
|
| Securities: | Subordinated notes
|
|
|
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