Published on 1/19/2011 in the Prospect News Private Placement Daily.
New Issue: BlackRock Kelso places $175 million of five-, seven-year notes
By Lisa Kerner
Charlotte, N.C., Jan. 19 - BlackRock Kelso Capital Corp. issued a total of $175 million of senior secured notes in a private placement, according to a form 8-K filing with the Securities and Exchange Commission.
The notes include:
• $158 million of five-year notes with a fixed interest rate of 6.5%; and
• $17 million of seven-year notes with a fixed interest rate of 6.6%.
The notes have a make-whole call at Treasuries plus 50 basis points.
Proceeds will be used to refinance existing debt and for general corporate purposes, including portfolio investments.
Purchasers include Midland National Life Insurance Co., North American Co. for Life and Health Insurance, Guggenheim Life and Annuity Co., Athene Reinurance Co., Horace Mann Life Insurance Co., Security Benefit Life Co., Sun Life Assurance Co. of Canada, CUNA Security Benefit Life Co., Sun Life Assurance Co. of Canada, United of Omaha Life Insurance Co., Phoenix Life Insurance Co., PHL Variable Insurance Co., Pan-American Life Insurance Co., Southern Farm Bureau Life Insurance Co. and Cherokee Insurance Co.
BlackRock Kelso is a New York-based business development company.
| Issuer: | BlackRock Kelso Capital Corp.
|
| Issue: | Senior secured notes
|
| Amount: | $175 million
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| Call option: | Make-whole call at Treasuries plus 50 bps
|
| Distribution: | Private placement
|
| Purchasers: | Midland National Life Insurance Co., North American Co. for Life and Health Insurance, Guggenheim Life and Annuity Co., Athene Reinurance Co., Horace Mann Life Insurance Co., Security Benefit Life Co., Sun Life Assurance Co. of Canada, CUNA Security Benefit Life Co., Sun Life Assurance Co. of Canada, United of Omaha Life Insurance Co., Phoenix Life Insurance Co., PHL Variable Insurance Co., Pan-American Life Insurance Co., Southern Farm Bureau Life Insurance Co. and Cherokee Insurance Co.
|
|
|
| First tranche
|
| Amount: | $158 million
|
| Coupon: | 6.5%
|
| Maturity: | Jan. 18, 2016
|
|
|
| Second tranche
|
| Amount: | $17 million
|
| Coupon: | 6.6%
|
| Maturity: | Jan. 18, 2018
|
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