Chicago, May 25 – BlackRock Financial Management, Inc. refinanced for $518.25 million the CLO originally issued in August 2017 by co-issuers Magnetite XIX, Ltd./Magnetite XIX LLC, according to a pre-sale report.
The CLO has an extended maturity date, now April 17, 2034.
The portfolio now has $5 million of class X-R senior secured floating-rate notes at Libor plus 70 basis points, $320 million of class A-R senior secured floating-rate notes at Libor plus 105 bps, $45 million of class B-1R senior secured floating-rate notes at Libor plus 155 bps and $15 million of class B-2R 2.96% senior secured fixed-rate notes.
Lower, there are $30 million of class C-R senior secured deferrable floating-rate notes at Libor plus 195 bps, $30 million of class D-R senior secured deferrable floating-rate notes at Libor plus 290 bps, $18.75 million of class E-R senior secured deferrable floating-rate notes at Libor plus 640 bps and $10.5 million of class F-R senior secured deferrable floating-rate notes at Libor plus 877 bps.
There are also $44 million of subordinated notes.
BlackRock is managing the collateral through the end of the reinvestment period on April 17, 2026.
The notes can be called starting April 17, 2023.
BofA Securities Inc. is the initial purchaser.
Originally, the CLO priced $320 million of class A senior secured floating-rate notes at Libor plus 118 basis points; $55 million of class B senior secured floating-rate notes at Libor plus 167 bps; $28.75 million of class C deferrable mezzanine floating-rate notes at Libor plus 230 bps; $30 million of class D deferrable mezzanine floating-rate notes at Libor plus 330 bps; $26.25 million of class E deferrable mezzanine floating-rate notes at Libor plus 625 bps; $7.5 million of class F deferrable mezzanine floating-rate notes at Libor plus 761 bps and $42.75 million of subordinated notes.
The investment management firm is based in New York City.
| Issuers: | Magnetite XIX, Ltd./Magnetite XIX LLC
|
| Issue: | Floating-rate, fixed-rate and subordinated notes
|
| Amount: | $518.25 million
|
| Maturity: | April 17, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | BlackRock Financial Management, Inc.
|
| Call feature: | April 17, 2023
|
| Settlement date: | April 19
|
|
|
| Class X-R notes
|
| Amount: | $5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 70 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 105 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1R notes
|
| Amount: | $45 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2R notes
|
| Amount: | $15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.96%
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $18.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 640 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | $10.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 877 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $44 million
|
| Securities: | Subordinated notes
|
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