By Cristal Cody
Tupelo, Miss., Oct. 14 – BlackRock Financial Management, Inc. sold $404.85 million of notes due Oct. 25, 2031 in the manager’s third collateralized loan obligation offering priced in 2020, according to market sources.
Magnetite XXVIII, Ltd./Magnetite XXVIII LLC priced $252 million of class A floating-rate notes at Libor plus 127 basis points and $52 million of class B floating-rate notes at Libor plus 165 bps.
The CLO also sold $24 million of class C deferrable floating-rate notes at Libor plus 235 bps, $24 million of class D deferrable floating-rate notes at Libor plus 350 bps, $12 million of class E deferrable floating-rate notes at Libor plus 708 bps and $40.85 million of subordinated notes.
Barclays was the placement agent.
Magnetite XXVIII has a one-year non-call period and a three-year reinvestment period.
The CLO is collateralized primarily by broadly syndicated first lien senior secured loans.
BlackRock is an investment management firm based in New York City.
| Issuer: | Magnetite XXVIII, Ltd./Magnetite XXVIII LLC
|
| Amount: | $404.85 million
|
| Maturity: | Oct. 25, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | BlackRock Financial Management, Inc.
|
| Call feature: | One year
|
| Pricing date: | Sept. 10
|
| Settlement date: | Oct. 22
|
|
|
| Class A notes
|
| Amount: | $252 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 127 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $52 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 708 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $40.85 million
|
| 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.
