By Cristal Cody
Tupelo, Miss., Oct. 14 – BlackRock Financial Management, Inc. sold $404.85 million of notes due Oct. 25, 2031 in the manager’s third collateralized loan obligation offering priced in 2020, according to market sources.
Magnetite XXVIII, Ltd./Magnetite XXVIII LLC priced $252 million of class A floating-rate notes at Libor plus 127 basis points and $52 million of class B floating-rate notes at Libor plus 165 bps.
The CLO also sold $24 million of class C deferrable floating-rate notes at Libor plus 235 bps, $24 million of class D deferrable floating-rate notes at Libor plus 350 bps, $12 million of class E deferrable floating-rate notes at Libor plus 708 bps and $40.85 million of subordinated notes.
Barclays was the placement agent.
Magnetite XXVIII has a one-year non-call period and a three-year reinvestment period.
The CLO is collateralized primarily by broadly syndicated first lien senior secured loans.
BlackRock is an investment management firm based in New York City.
Issuer: | Magnetite XXVIII, Ltd./Magnetite XXVIII LLC
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Amount: | $404.85 million
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Maturity: | Oct. 25, 2031
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Securities: | Floating-rate and subordinated notes
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Structure: | Cash flow CLO
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Placement agent: | Barclays
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Manager: | BlackRock Financial Management, Inc.
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Call feature: | One year
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Pricing date: | Sept. 10
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Settlement date: | Oct. 22
|
|
Class A notes
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Amount: | $252 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 127 bps
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Ratings: | S&P: AAA
|
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Class B notes
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Amount: | $52 million
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Securities: | Floating-rate notes
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Coupon: | Libor plus 165 bps
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Ratings: | S&P: AA
|
|
Class C notes
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Amount: | $24 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 235 bps
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Ratings: | S&P: A
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Class D notes
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Amount: | $24 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 350 bps
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Ratings: | S&P: BBB-
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Class E notes
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Amount: | $12 million
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Securities: | Deferrable floating-rate notes
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Coupon: | Libor plus 708 bps
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Ratings: | S&P: BB-
|
|
Equity
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Amount: | $40.85 million
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Securities: | Subordinated notes
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Ratings: | Non-rated
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