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Prospect News home > News index > List of issuers B > Headlines for BlackRock Financial Management Inc. > News item
Published on 8/20/2020 in the Prospect News CLO Daily.

GoldenTree, BlackRock wrap new issue CLOs; Fortress to reprice notes from 2015 CLO

By Cristal Cody

Tupelo, Miss., Aug. 20 – In CLO market activity, two managers closed on new deals on Thursday.

GoldenTree Loan Management LP settled its previously reported $442.55 million GoldenTree Loan Management US CLO 8 Ltd./GoldenTree Loan Management US CLO 8 LLC deal. The CLO priced the $279.45 million of class A floating-rate notes at Libor plus 155 basis points.

BlackRock Financial Management, Inc. also closed Thursday on its $502 million Magnetite XXVII, Ltd./Magnetite XXVII LLC transaction, which issued $295 million of class A-1 floating-rate notes at Libor plus 155 bps.

In other activity, Fortress Investment Group LLC affiliate FC BSL III CM LLC intends to price fixed-rate notes in a second partial refinancing of a vintage 2015 broadly syndicated CLO transaction.

Fortress also repriced notes from its Fortress Credit Opportunities IX CLO Ltd./Fortress Credit Opportunities IX CLO LLC middle-market transaction on Aug. 4.

About $45 billion of new CLOs have priced, while another $26 billion of vintage CLOs have been refinanced year to date, according to market sources.

Fortress plans reprint

Fortress Investment Group LLC affiliate FC BSL III CM LLC plans to reprice a fixed-rate tranche of notes from its Fortress Credit BSL III Ltd. transaction, according to a market notice.

The CLO will price $26 million of class B-2-R2 senior secured fixed-rate notes (expected rating AA).

Fortress previously sold $26 million of 4.47% class B-2-R senior secured fixed-rate notes in its first refinancing transaction on April 18, 2018.

In the original CLO deal issued on Oct. 22, 2015, the CLO priced $15 million of 4.12% class B-2 fixed-rate notes.

MUFG is the refinancing placement agent.

The CLO manager is FC BSL III CM LLC.

The notes are due April 18, 2031.

Fortress Investment is a New York City-based investment firm.


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