Chicago, Nov. 22 – FCOD CLO Management LLC refinanced for $1.77 billion the collateralized loan obligation issued by Fortress Credit Opportunities IX CLO Ltd./Fortress Credit Opportunities IX CLO LLC, according to a pre-sale report.
The notes will now mature on Oct. 15, 2033.
The refinanced CLO consists of $160 million of class A-1RR senior secured floating-rate notes at CP+155 basis points, $75 million of class A-1LR senior secured floating-rate notes at Libor plus 155 bps, $488.8 million of class A-1TR senior secured floating-rate notes at Libor plus 155 bps, $75 million of class A-1FR 2.49% senior secured fixed-rate notes, $116.7 million of class A-2TR senior secured floating-rate notes at Libor plus 18 bps, $173.2 million of class B-R senior secured floating-rate notes at Libor plus 195 bps, $169.7 million of class C-R senior secured deferrable floating-rate notes at Libor plus 280 bps, $122 million of class D-R senior secured deferrable floating-rate notes at Libor plus 395 bps, $35.1 million of class E-R senior secured deferrable floating-rate notes at Libor plus 806 bps and $350 million of subordinated notes.
FCOD CLO Management LLC will manage the collateral through the end of the reinvestment period on Oct. 15, 2025.
The collateral pool consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 15, 2023.
Natixis Securities Americas LLC was the placement agent.
FCOD is a New York-based firm.
| Issuer: | Fortress Credit Opportunities IX CLO Ltd./Fortress Credit Opportunities IX CLO LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $1765.5 million
|
| Maturity: | Oct. 15, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Natixis Securities Americas LLC
|
| Manager: | FCOD CLO Management LLC
|
| Call feature: | Oct. 15, 2023
|
| Settlement date: | Oct. 12
|
|
|
| Class A-1RR notes
|
| Amount: | $160 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | CP+155 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1LR notes
|
| Amount: | $75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1TR notes
|
| Amount: | $488.8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1FR notes
|
| Amount: | $75 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.49%
|
| Rating: | S&P: AAA
|
|
|
| Class A-2TR notes
|
| Amount: | $116.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 18 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $173.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $169.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 280 bps
|
| Rating: | S&P: A-
|
|
|
| Class D-R notes
|
| Amount: | $122 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 395 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $35.1 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 806 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $350 million
|
| Securities: | Subordinated notes
|
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