By Cristal Cody
Tupelo, Miss., July 11 – BlackRock Financial Management, Inc. sold $408.83 million of notes due 2026 in a broadly syndicated collateralized loan obligation deal, according to a market source.
Magnetite IX, Ltd. priced $256 million of class A-1 floating-rate notes at Libor plus 142 basis points and $40 million of class A-2 floating-rate notes at Libor plus 195 bps.
The CLO sold $28 million of class B floating-rate notes at Libor plus 300 bps; $24 million of class C floating-rate notes at Libor plus 350 bps; $20 million of class D floating-rate notes at Libor plus 500 bps; $5 million of class E floating-rate notes at Libor plus 575 bps and $35.83 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
BlackRock will manage the CLO.
The investment management firm is based in New York City.
| Issuer: | Magnetite IX, Ltd.
|
| Amount: | $408.83 million
|
| Maturity: | 2026
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | BlackRock Financial Management, Inc.
|
| Pricing date: | June 13
|
|
|
| Class A-1 notes
|
| Amount: | $256 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 142 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class A-2 notes
|
| Amount: | $40 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B notes
|
| Amount: | $28 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class D notes
|
| Amount: | $20 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Class E notes
|
| Amount: | $5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 575 bps
|
| Rating: | Moody’s: B2 expected
|
|
|
| Equity tranche
|
| Amount: | $35.83 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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