Chicago, Feb. 25 – BlackRock Financial Management, Inc. refinanced for $614.8 million the collateralized loan obligation issued by Magnetite XXIV, Ltd., according to multiple notices.
The notes will mature on April 16, 2035.
The refinanced CLO consists of $6 million of class X senior secured floating-rate notes at SOFR plus 85 basis points, $384 million of class A-R senior secured floating-rate notes at SOFR plus 131 bps, $72 million of class B-R senior secured floating-rate notes at SOFR plus 175 bps, $36 million of class C-R deferrable mezzanine floating-rate notes at SOFR plus 210 bps, $36 million of class D-R deferrable mezzanine floating-rate notes at SOFR plus 305 bps, $24 million of class E-R deferrable mezzanine floating-rate notes at SOFR plus 640 bps and $56.8 million of subordinated notes.
BlackRock Financial Management, Inc. will manage the collateral through the end of the five-year reinvestment period.
The portfolio will be comprised of first-lien senior secured leveraged loans.
Morgan Stanley & Co. LLC was the placement agent.
The CLO dates originally to December 2019.
BlackRock is an investment management firm based in New York City.
| Issuer: | Magnetite XXIV, Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $614.8 million
|
| Maturity: | April 16, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | BlackRock Financial Management, Inc.
|
| Announcement date: | Feb. 23
|
|
|
| Class X notes
|
| Amount: | $6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 85 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-R notes
|
| Amount: | $384 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 131 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | $72 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 175 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | $36 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | $36 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 305 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $24 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 640 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Subordinated notes
|
| Amount: | $56.8 million
|
| Securities: | Subordinated notes
|
|
|
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