Chicago, Dec. 31 – BlackRock Financial Management Inc. refinanced the $454.85 million collateralized loan obligation issued by Magnetite XXVIII Ltd./Magnetite XXVIII LLC, according to a pre-sale report.
The notes will now mature on Jan. 20, 2035.
The refinanced CLO consists of $288 million of class A-R senior secured floating-rate notes at Libor plus 113 basis points, $54 million of class B-R senior secured floating-rate notes at Libor plus 160 bps, $27 million of class C-R senior secured deferrable floating-rate notes at Libor plus 190 bps, $27 million of class D-R senior secured deferrable floating-rate notes at Libor plus 290 bps, $18 million of class E-R senior secured deferrable floating-rate notes at Libor plus 615 bps and $40.85 million of subordinated notes.
Originally, the CLO had $252 million of class A floating-rate notes at Libor plus 127 bps and $52 million of class B floating-rate notes at Libor plus 165 bps.
The CLO also initially had $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.
BlackRock Financial Management Inc. will manage the collateral through the end of the reinvestment period on Jan. 20, 2027.
The notes can be called starting Dec. 8, 2023.
Barclays Capital Inc. was the placement agent.
BlackRock is an investment management firm based in New York City.
| Issuer: | Magnetite XXVIII Ltd./Magnetite XXVIII LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $454.85 million
|
| Maturity: | Jan. 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays Capital Inc.
|
| Manager: | BlackRock Financial Management Inc.
|
| Call feature: | Dec. 8, 2023
|
| Settlement date: | Dec. 8
|
|
|
| Class A-R notes
|
| Amount: | $288 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $54 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 615 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40.85 million
|
| Securities: | Subordinated notes
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
