Chicago, March 13 – BlackRock Financial Management Inc. sold $505.75 million in a collateralized loan obligation being issued by Magnetite XXXVIII Ltd./Magnetite XXXVIII LLC, according to a presale report.
The notes will mature on April 15, 2037.
The CLO consists of $305 million of class A-1 senior secured floating-rate notes at SOFR plus 148 basis points, $15 million of class A-2 5.42% senior secured fixed-rate notes, $60 million of class B senior secured floating-rate notes at SOFR plus 200 bps, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 240 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 350 bps, $18.75 million of class E senior secured deferrable floating-rate notes at SOFR plus 650 bps and $47 million of subordinated notes.
BlackRock Financial Management Inc. will manage the collateral through the end of the reinvestment period on April 15, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 28, 2026.
Nomura Securities International Inc. was the placement agent.
BlackRock is an investment management firm based in New York City.
| Issuer: | Magnetite XXXVIII Ltd./Magnetite XXXVIII LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $505.75 million
|
| Maturity: | April 15, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Nomura Securities International Inc.
|
| Manager: | BlackRock Financial Management Inc.
|
| Call feature: | March 28, 2026
|
| Pricing date: | March 6
|
| Settlement date: | March 28
|
|
|
| Class A-1 notes
|
| Amount: | $305 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 148 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.42%
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | S&P: A+
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 350 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $47 million
|
| Securities: | Subordinated notes
|
|
|
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