Chicago, June 6 – BlackRock Investment Management (UK) Ltd. sold €405.2 million in a collateralized loan obligation issued by BlackRock European CLO XIII DAC, according to the listing particulars.
The notes will mature on Oct. 20, 2034.
The CLO consists of €204 million of class A-1 senior secured floating-rate notes at Euribor plus 115 basis points, €40 million of class A-2 senior secured floating-rate notes at Euribor plus 140 bps, €44 million of class B senior secured floating-rate notes at Euribor plus 225 bps, €24 million of class C senior secured deferrable floating-rate notes at Euribor plus 325 bps, €26 million of class D senior secured deferrable floating-rate notes at Euribor plus 410 bps, €21 million of class E senior secured deferrable floating-rate notes at Euribor plus 677 bps, €11 million of class F senior secured deferrable floating-rate notes at Euribor plus 918 bps and €35.2 million of subordinated notes.
BlackRock Investment Management (UK) Ltd. will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
Collateral for the notes consists of senior loans, senior secured bonds, mezzanine obligations and high-yield bonds.
The notes can be called starting Oct. 20, 2023.
BofA Securities was the placement agent.
BlackRock Investment Management (UK) is a London-based subsidiary of BlackRock, Inc.
| Issuer: | BlackRock European CLO XIII DAC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | €405.2 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities
|
| Manager: | BlackRock Investment Management (UK) Ltd.
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | May 31
|
|
|
| Class A-1 notes
|
| Amount: | €204 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 115 bps
|
| Price: | Par
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 140 bps
|
| Price: | Par
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 225 bps
|
| Price: | Par
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 325 bps
|
| Price: | Par
|
| Rating: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 410 bps
|
| Price: | Par
|
| Rating: | S&P: BBB
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 677 bps
|
| Price: | 97.5
|
| Rating: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €11 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 918 bps
|
| Price: | 95
|
| Rating: | S&P: B-
|
| Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | €35.2 million
|
| Securities: | Subordinated notes
|
| Price: | 95
|
|
|
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