By Cristal Cody
Tupelo, Miss., Oct. 16 – BlackRock Financial Management, Inc. sold $522.5 million of notes due Oct. 25, 2032 in a new issue collateralized loan obligation deal, according to market sources.
Magnetite XXIII, Ltd./Magnetite XXIII LLC priced $330.7 million of class A floating-rate notes at Libor plus 130 basis points; $62 million of class B floating-rate notes at Libor plus 175 bps; $31 million of class C deferrable floating-rate notes at Libor plus 240 bps; $28.4 million of class D deferrable floating-rate notes at Libor plus 360 bps; $23 million of class E deferrable floating-rate notes at Libor plus 675 bps and $47.4 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The deal is collateralized mostly by broadly syndicated first-lien senior secured loans.
BlackRock is an investment management firm based in New York City.
| Issuer: | Magnetite XXIII, Ltd./Magnetite XXIII LLC
|
| Amount: | $522.5 million
|
| Maturity: | Oct. 25, 2032
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | BlackRock Financial Management, Inc.
|
| Call feature: | Two years
|
| Settlement date: | Nov. 14
|
|
|
| Class A notes
|
| Amount: | $330.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 130 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $62 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $31 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $28.4 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 360 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $23 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Rating: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $47.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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