Chicago, Feb. 11 – Fortress Investment Group LLC affiliate FC BSL X Management LLC sold $503 million of notes due April 20, 2033 to be issued by Fortress Credit BSL X Ltd./Fortress Credit BSL X LLC in the collateral manager’s first collateralized obligation transaction of 2021, according to a market source.
The CLO consists of $300 million of class A floating-rate notes at Libor plus 147 basis points and $70 million of class B floating-rate notes at Libor plus 185 bps.
Also included are $32.5 million of class C deferrable floating-rate notes at Libor plus 250 bps, $30.1 million of class D deferrable floating-rate notes at Libor plus 360 bps, $17.5 million of class E deferrable floating-rate notes at Libor plus 714 bps and $52.9 million of subordinated notes.
GreensLedge Capital Markets LLC and Natixis Securities Americas LLC are the placement agents.
FC BSL X Management LLC is the collateral manager for the CLO with a reinvestment period that ends April 20, 2025.
The notes are callable starting Feb. 18, 2023.
The CLO will be collateralized primarily by senior secured loans with most of the borrowers based in the United States.
Fortress Investment is a New York City-based investment firm.
| Issuer: | Fortress Credit BSL X Ltd./Fortress Credit BSL X LLC
|
| Amount: | $503 million
|
| Maturity: | April 20, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agents: | GreensLedge Capital Markets LLC and Natixis Securities Americas LLC
|
| Manager: | FC BSL X Management LLC
|
| Call: | Feb. 18, 2023
|
| Pricing date: | Feb. 10
|
| Settlement date: | Feb. 18
|
|
|
| Class A notes
|
| Amount: | $300 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 147 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $70 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $32.5 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $30.1 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 360 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $17.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 714 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $52.9 million
|
| Securities: | Subordinated notes
|
|
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