Chicago, Jan. 12 – BlackRock Financial Management Inc. refinanced and extended for $643.3 million the collateralized loan obligation issued by Magnetite XXIII Ltd./Magnetite XXIII LLC, according to a pre-sale report.
The notes will mature on Jan. 25, 2035.
The CLO consists of $408 million of class A-R senior secured floating-rate notes at Libor plus 113 basis points, $76.5 million of class B-R senior secured floating-rate notes at Libor plus 165 bps, $38.25 million of class C-R senior secured deferrable floating-rate notes at Libor plus 205 bps, $38.25 million of class D-R 3.25% senior secured deferrable fixed-rate notes, $25.5 million of class E-R senior secured deferrable floating-rate notes at Libor plus 630 bps and $56.8 million of subordinated notes.
BlackRock Financial Management Inc. will manage the collateral through the end of the reinvestment period on Jan. 25, 2027.
Collateral will be a pool of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Dec. 15, 2023.
RBC Capital Markets LLC was the placement agent.
BlackRock is an investment management firm based in New York City.
| Issuer: | Magnetite XXIII Ltd./Magnetite XXIII LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $643.3 million
|
| Maturity: | Jan. 25, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets LLC
|
| Manager: | BlackRock Financial Management Inc.
|
| Call feature: | Dec. 15, 2023
|
| Settlement date: | Dec. 15
|
|
|
| Class A-R notes
|
| Amount: | $408 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $76.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $38.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $38.25 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 3.25%
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $25.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 630 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $56.8 million
|
| Securities: | Subordinated notes
|
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