Chicago, April 24 – FC BSL CLO Manager V LLC priced $451.87 million of notes and loans in a collateralized loan obligation being issued by Fortress Credit BSL XXI Ltd./Fortress Credit BSL XXI LLC, according to a presale report.
The CLO will mature on April 24, 2037.
The portfolio consists of $110 million of class A senior secured floating-rate notes at SOFR plus 160 basis points, $171.25 million of class A-L senior secured floating-rate loans at SOFR plus 160 bps, $0 million of class AL senior secured floating-rate notes at SOFR plus 160 bps, $54 million of class B senior secured floating-rate notes at SOFR plus 225 bps, $27 million of class C senior secured deferrable floating-rate notes at SOFR plus 280 bps, $27 million of class D senior secured deferrable floating-rate notes at SOFR plus 475 bps, $15.75 million of class E senior secured deferrable floating-rate notes at SOFR plus 783 bps and $46.87 million of subordinated notes.
FC BSL CLO Manager V LLC will manage the collateral through the end of the reinvestment period on April 24, 2029.
Collateral consists of broadly syndicated speculative-grade senior secured term loans.
The CLO can be called starting April 24, 2026.
BNP Paribas Securities Corp. was the placement agent.
Fortress Investment is a New York City-based investment firm. FC BSL is a subsidiary.
| Issuer: | Fortress Credit BSL XXI Ltd./Fortress Credit BSL XXI LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $451.87 million
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| Maturity: | April 24, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | BNP Paribas Securities Corp.
|
| Manager: | FC BSL CLO Manager V LLC
|
| Call feature: | April 24, 2026
|
| Pricing date: | April 17
|
| Settlement date: | May 9
|
|
|
| Class A notes
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| Amount: | $110 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 160 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-L loans
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| Amount: | $171.25 million
|
| Securities: | Senior secured floating-rate loans
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| Coupon: | SOFR plus 160 bps
|
| Rating: | S&P: AAA
|
|
|
| Class AL notes
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| Amount: | $0 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 160 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $54 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 280 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 475 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $15.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 783 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $46.87 million
|
| Securities: | Subordinated notes
|
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