Chicago, Dec. 22 – BlackRock Financial Management Inc. sold $506.94 million in a collateralized loan obligation being issued by Magnetite XXX Ltd./Magnetite XXX LLC, according to a pre-sale report.
The notes will mature on Oct. 25, 2034.
The CLO consists of $317.5 million of class A senior secured floating-rate notes at Libor plus 113 basis points, $62.5 million of class B senior secured floating-rate notes at Libor plus 160 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 195 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 295 bps, $20 million of class E senior secured deferrable floating-rate notes at Libor plus 620 bps and $46.94 million of subordinated notes.
BlackRock Financial Management Inc. will manage the collateral through the end of the reinvestment period on Oct. 25, 2026.
The pool of collateral is made up of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 25, 2023.
RBC Capital Markets LLC was the placement agent.
BlackRock is an investment management firm based in New York City.
Issuer: | Magnetite XXX Ltd./Magnetite XXX LLC
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Issue: | Floating-rate notes and subordinated notes
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Amount: | $506.94 million
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Maturity: | Oct. 25, 2034
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Structure: | Cash flow CLO
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Placement agent: | RBC Capital Markets LLC
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Manager: | BlackRock Financial Management Inc.
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Call feature: | Oct. 25, 2023
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Settlement date: | Nov. 12
|
|
Class A notes
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Amount: | $317.5 million
|
Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 113 bps
|
Rating: | S&P: AAA
|
|
Class B notes
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Amount: | $62.5 million
|
Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 160 bps
|
Rating: | S&P: AA
|
|
Class C notes
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Amount: | $30 million
|
Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 195 bps
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Rating: | S&P: A
|
|
Class D notes
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Amount: | $30 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 295 bps
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Rating: | S&P: BBB-
|
|
Class E notes
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Amount: | $20 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 620 bps
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Rating: | S&P: BB-
|
|
Subordinated notes
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Amount: | $46.94 million
|
Securities: | Subordinated notes
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