By Cristal Cody
Eureka Springs, Ark., Oct. 3 – BlackRock Financial Management, Inc. sold $539.55 million of notes due Nov. 15, 2028 in a new collateralized loan obligation deal, according to a market source.
Magnetite XVIII, Ltd./Magnetite XVIII LLC priced $340.26 million of class A senior secured floating-rate notes at Libor plus 140 basis points; $59.89 million of class B senior secured floating-rate notes at Libor plus 175 bps; $30.21 million of class C deferrable mezzanine floating-rate notes at Libor plus 235 bps; $30.74 million of class D deferrable mezzanine floating-rate notes at Libor plus 400 bps; $28.09 million of class E deferrable mezzanine floating-rate notes at Libor plus 700 bps and $46.4 million of subordinated notes.
Goldman Sachs & Co. arranged the deal.
BlackRock Financial Management will manage the CLO.
The firm has priced two new CLOs and refinanced one CLO year to date.
BlackRock priced four CLOs and refinanced one vintage CLO in 2015.
The investment management firm is based in New York City.
| Issuer: | Magnetite VIII, Ltd./Magnetite VIII LLC
|
| Amount: | $535.59 million
|
| Maturity: | Nov. 15, 2028
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co.
|
| Manager: | BlackRock Financial Management, Inc.
|
| Pricing date: | Sept. 29
|
| Settlement date: | Nov. 9
|
|
|
| Class A notes
|
| Amount: | $340.26 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | Moody’s: Aaa
|
| Fitch: AAA expected
|
|
|
| Class B notes
|
| Amount: | $59.89 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | Moody’s: Aa2
|
|
|
| Class C notes
|
| Amount: | $30.21 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Rating: | Moody’s: A2
|
|
|
| Class D notes
|
| Amount: | $30.74 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 400 bps
|
| Rating: | Moody’s: Baa3
|
|
|
| Class E notes
|
| Amount: | $28.09 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | Libor plus 700 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Equity
|
| Amount: | $46.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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