By Cristal Cody
Tupelo, Miss., May 29 – BlackRock Financial Management, Inc. priced $535.47 million of notes in the Magnetite XIV, Ltd./Magnetite XIV LLC collateralized loan obligation transaction, according to a market source.
The CLO sold $325.5 million of class A floating-rate notes at Libor plus 139 basis points; $63.5 million of class B floating-rate notes at Libor plus 190 bps; $41 million of class C floating-rate notes at Libor plus 280 bps; $28.25 million of class D floating-rate notes at Libor plus 340 bps; $24.75 million of class E floating-rate notes at Libor plus 525 bps; $10.5 million of class F floating-rate notes at Libor plus 650 bps and $41.97 million of subordinated notes.
Deutsche Bank Securities, Inc. was the placement agent.
BlackRock Financial Management is the CLO manager.
The CLO is backed primarily by broadly syndicated senior secured corporate loans.
BlackRock Financial Management previously was in the primary market on Feb. 6 with the $608.83 million Magnetite XII, Ltd./Magnetite XII LLC transaction.
The New York City-based investment management firm priced three CLO deals in 2014.
| Issuer: | Magnetite XIV, Ltd./Magnetite XIV LLC
|
| Amount: | $535.47 million
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities, Inc.
|
| Manager: | BlackRock Financial Management, Inc.
|
| Pricing date: | May 20
|
|
|
| Class A notes
|
| Amount: | $325.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 139 bps
|
| Ratings: | Moody’s: Aaa Expected
|
| Fitch: AAA Expected
|
|
|
| Class B notes
|
| Amount: | $63.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | Moody’s: Aa2 Expected
|
|
|
| Class C notes
|
| Amount: | $41 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Ratings: | Moody’s: A2 Expected
|
|
|
| Class D notes
|
| Amount: | $28.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 340 bps
|
| Ratings: | Moody’s: Baa3 Expected
|
|
|
| Class E notes
|
| Amount: | $24.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 525 bps
|
| Ratings: | Moody’s: Ba2 Expected
|
| Class F notes
|
| Amount: | $10.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 650 bps
|
| Ratings: | Moody’s: B2 Expected
|
|
|
| Equity
|
| Amount: | $41.97 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
|
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