Chicago, March 11 – BlackRock Financial Management, Inc. sold a refinancing of notes due April 20, 2034 (unchanged) in a collateralized loan obligation issued by Magnetite XXI, Ltd./Magnetite XXI LLC.
The refinanced notes are composed of $5 million of class X-R senior floating-rate notes at Libor plus 50 basis points (originally 65 bps), $310 million of class A-R senior floating-rate notes at Libor plus 102 bps (originally 128 bps) and $70 million of class B-R senior floating-rate notes at Libor plus 135 bps (originally 170 bps).
Lower in the structure there are $30 million of class C-R senior floating-rate notes at Libor plus 160 bps (originally 250 bps), $30 million of class D-R senior floating-rate notes at Libor plus 265 bps (originally 350 bps), $20 million of class E-R senior floating-rate notes at Libor plus 600 bps (originally 675 bps), $3.7 million of class F-R senior floating-rate notes at Libor plus 900 bps (originally 950 bps) and $30.25 million of subordinated notes.
BlackRock will continue to manage the portfolio with a refreshed reinvestment end date April 20, 2026.
The notes cannot be called until April 20, 2023.
Citigroup Global Markets Inc. is the initial purchaser of the notes, which are backed mostly by senior secured loans, cash and eligible investments.
BlackRock is an investment management firm based in New York City.
| Issuer: | Magnetite XXI, Ltd./Magnetite XXI LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $498.95 million
|
| Maturity: | April 20, 2034
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | BlackRock Financial Management, Inc.
|
| Call: | April 20, 2023
|
| Pricing date: | March 11
|
| Settlement date: | March 24
|
|
|
| Class X-R notes
|
| Amount: | $5 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 50 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-R notes
|
| Amount: | $310 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 102 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $70 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 265 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $20 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | $3.7 million
|
| Securities: | Senior floating-rate notes
|
| Coupon: | Libor plus 900 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $30.25 million
|
| Securities: | Subordinated notes
|
|
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