By Cristal Cody
Eureka Springs, Ark., Feb. 29 – BlackRock Financial Management, Inc. priced a $498.75 million collateralized loan obligation deal, according to a market source.
Magnetite XVII, Ltd./Magnetite XVII LLC sold $320 million of class A senior secured floating-rate notes at Libor plus 155 basis points in the senior tranche.
The CLO priced $45 million of class B-1 senior secured floating-rate notes at Libor plus 235 bps and $15 million of 3.7% class B-2 fixed-rate notes.
Magnetite XVII also placed $27 million of class C deferrable mezzanine floating-rate notes at Libor plus 345 bps, $28 million of class D deferrable mezzanine floating-rate notes at Libor plus 515 bps, $25 million of class E deferrable mezzanine floating-rate notes at Libor plus 815 bps and $38.75 million of subordinated notes.
Deutsche Bank Securities Inc. arranged the offering.
BlackRock Financial Management is the CLO manager.
BlackRock priced four CLOs and refinanced one vintage 2012 CLO in 2015.
The investment management firm is based in New York City.
| Issuer: | Magnetite XVII, Ltd./Magnetite XVII LLC
|
| Amount: | $498.75 million
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | BlackRock Financial Management, Inc.
|
| Pricing date: | Feb. 24
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Ratings: | Moody’s: Aaa expected
|
| Fitch: AAA expected
|
|
|
| Class B-1 notes
|
| Amount: | $45 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class B-2 notes
|
| Amount: | $15 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 3.7%
|
| Rating: | Moody’s: Aa2 expected
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 345 bps
|
| Rating: | Moody’s: A2 expected
|
|
|
| Class D notes
|
| Amount: | $28 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 515 bps
|
| Rating: | Moody’s: Baa3 expected
|
|
|
| Class E notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 815 bps
|
| Rating: | Moody’s: Ba3 expected
|
|
|
| Equity
|
| Amount: | $38.75 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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