By Cristal Cody
Tupelo, Miss., Nov. 27 – BlackRock Financial Management, Inc. sold $608,835,000 of notes due Jan. 15, 2033 in a new issue collateralized loan obligation deal, according to market sources.
Magnetite XXIV, Ltd./Magnetite XXIV LLC priced $384 million of class A floating-rate notes at Libor plus 133 basis points; $72 million of class B floating-rate notes at Libor plus 185 bps; $36 million of class C deferrable floating-rate notes at Libor plus 255 bps; $33 million of class D deferrable floating-rate notes at Libor plus 380 bps; $27 million of class E deferrable floating-rate notes at Libor plus 695 bps and $56,835,000 of subordinated notes.
Wells Fargo Securities LLC was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The offering is collateralized primarily by broadly syndicated first-lien senior secured loans.
BlackRock is an investment management firm based in New York City.
Issuer: | Magnetite XXIV, Ltd./Magnetite XXIV LLC
|
Amount: | $608,835,000
|
Maturity: | Jan. 15, 2033
|
Securities: | Floating-rate and subordinated notes
|
Structure: | Cash flow CLO
|
Placement agent: | Wells Fargo Securities LLC
|
Manager: | BlackRock Financial Management, Inc.
|
Call feature: | Two years
|
Pricing date: | Nov. 19
|
Settlement date: | Dec. 20
|
|
Class A notes
|
Amount: | $384 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 133 bps
|
Rating: | S&P: AAA
|
|
Class B notes
|
Amount: | $72 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 185 bps
|
Rating: | S&P: AA
|
|
Class C notes
|
Amount: | $36 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 255 bps
|
Ratings: | S&P: A
|
|
Class D notes
|
Amount: | $33 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 380 bps
|
Rating: | S&P: BBB-
|
|
Class E notes
|
Amount: | $27 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 695 bps
|
Rating: | S&P: BB-
|
|
Equity
|
Amount: | $56,835,000
|
Securities: | Subordinated notes
|
Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.