By Cristal Cody
Tupelo, Miss., May 26 – BlackRock Financial Management, Inc. sold $397.7 million of notes due July 15, 2030 in the manager’s first collateralized loan obligation offering of 2020, according to market sources.
Magnetite XXVI, Ltd./Magnetite XXVI LLC priced $256 million of class A floating-rate notes at Libor plus 175 basis points; $44 million of class B floating-rate notes at Libor plus 240 bps; $24 million of class C deferrable floating-rate notes at Libor plus 315 bps; $24 million of class D deferrable floating-rate notes at Libor plus 456 bps; $12 million of class E deferrable floating-rate notes at Libor plus 701 bps and $37.7 million of subordinated notes.
Goldman Sachs & Co. LLC was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The offering is collateralized primarily by broadly syndicated first-lien senior secured loans.
BlackRock is an investment management firm based in New York City.
| Issuer: | Magnetite XXVI, Ltd./Magnetite XXVI LLC
|
| Amount: | $397.7 million
|
| Maturity: | July 15, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | BlackRock Financial Management, Inc.
|
| Call feature: | One year
|
| Pricing date: | May 18
|
| Settlement date: | June 4
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 315 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 456 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 701 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $37.7 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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