By Cristal Cody
Tupelo, Miss., Aug. 11 – Fortress Investment Group LLC affiliate FCOD CLO Management LLC priced $100 million of notes in two tranches in a partial refinancing of the vintage 2017 Fortress Credit Opportunities IX CLO Ltd./Fortress Credit Opportunities IX CLO LLC middle-market transaction, according to a market source and a notice of revised supplemental indenture on Monday.
The CLO priced $11 million of class A-1F-R1 senior secured floating-rate notes at Libor plus 235 basis points and $89 million of 2.53% class A-1F-R2 senior secured fixed-rate notes.
The original $100 million of class A-1F fixed-rate notes were priced with a 3.65% coupon in the Fortress Credit Opportunities IX offering on Nov. 15, 2017.
Natixis Securities Americas LLC was the refinancing placement agent.
The notes are due Nov. 15, 2029.
The refinanced notes have a new non-call period to but excluding the quarterly distribution date in February 2021.
The deal is backed primarily by middle-market senior secured corporate loans.
New York-based Fortress Investment Group has priced one new middle-market CLO in 2020.
Issuer: | Fortress Credit Opportunities IX CLO Ltd./Fortress Credit Opportunities IX CLO LLC
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Amount: | $100 million refinancing
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Maturity: | Nov. 15, 2029
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Securities: | Fixed- and floating-rate notes
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Structure: | Middle-market CLO
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Refinancing agent: | Natixis Securities America LLC
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Manager: | FCOD CLO Management LLC
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Call feature: | To but excluding quarterly distribution date in February 2021
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Pricing date: | Aug. 4
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Settlement date: | Aug. 17
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Class A-1F-R1 notes
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Amount: | $11 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 235 bps
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Ratings: | Moody’s: Aaa expected
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| S&P: AAA expected
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Class A-1F-R2 notes
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Amount: | $89 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 2.53%
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Ratings: | Moody’s: Aaa expected
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| S&P: AAA expected
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