Chicago, June 24 – BlackRock Investment Management (UK) Ltd. refinanced for €372.5 million the rated notes from the collateralized loan obligation issued by BlackRock European CLO III DAC originally in June 2017, according to a notice.
The refinancing, with a new maturity date of July 19, 2035, now has €248 million of class A-R senior secured floating-rate notes at Euribor plus 88 basis points, €36 million of class B-R senior secured floating-rate notes at Euribor plus 155 bps, €25 million of class C-R senior secured deferrable floating-rate notes at Euribor plus 200 bps, €29 million of class D-R senior secured deferrable floating-rate notes at Euribor plus 300 bps, €22.5 million of class E-R senior secured deferrable floating-rate notes at Euribor plus 613 bps and €12 million of class F-R senior secured deferrable floating-rate notes at Euribor plus 856 bps.
Not part of the refinancing, €44.9 million of the original €47.8 million subordinated notes remain outstanding.
The original CLO had €233 million of class A floating-rate notes at par to yield Euribor plus 85 bps; €52 million of class B floating-rate notes at par to yield Euribor plus 150 bps; €32.5 million of class C floating-rate notes at par to yield Euribor plus 210 bps; €21 million of class D floating-rate notes at par to yield Euribor plus 320 bps; €21 million of class E floating-rate notes at 95.3 and a coupon of Euribor plus 595 bps; €11.5 million of class F floating-rate notes at 91.94 and a coupon of Euribor plus 790 bps and €44.9 million of subordinated notes.
Citigroup Global Markets Ltd. is the underwriter.
BlackRock will select the collateral, senior secured obligations, through the 4.5-year reinvestment period.
BlackRock Investment Management (UK) is a London-based subsidiary of BlackRock, Inc.
| Issuer: | BlackRock European CLO III DAC
|
| Issue: | Floating-rate notes
|
| Amount: | €372.5 million
|
| Maturity: | July 19, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Ltd.
|
| Call: | Dec. 15, 2022
|
| Settlement date: | June 15
|
|
|
| Class A-R notes
|
| Amount: | €248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 88 bps
|
| Price: | Par
|
| Rating: | Moody's: Aaa
|
|
|
| Class B-R notes
|
| Amount: | €36 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 155 bps
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
|
|
| Class C-R notes
|
| Amount: | €25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 200 bps
|
| Price: | Par
|
| Rating: | Moody's: A2
|
|
|
| Class D-R notes
|
| Amount: | €29 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Price: | Par
|
| Rating: | Moody's: Baa3
|
|
|
| Class E-R notes
|
| Amount: | €22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 613 bps
|
| Price: | 98
|
| Rating: | Moody's: Ba3
|
|
|
| Class F-R notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 856 bps
|
| Price: | 97
|
| Rating: | Moody's: B3
|
|
|
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