Chicago, May 28 – BlackRock Financial Management, Inc. refinanced and extended the broadly syndicated CLO issued by Magnetite XXII Ltd./Magnetite XXII LLC, according to a pre-sale report.
The new maturity date is April 15, 2031.
The refinancing notes are the $415 million of class A-R senior secured floating-rate notes at Libor plus 106 basis points, $78 million of class B-R senior secured floating-rate notes at Libor plus 160 bps, $39.5 million of class C-R senior secured deferrable floating-rate notes at Libor plus 195 bps, $39 million of class D-R senior secured deferrable floating-rate notes at Libor plus 310 bps and $26 million of class E-R senior secured deferrable floating-rate notes at Libor plus 635 bps.
There are also $64.385 million of subordinated notes.
Wells Fargo Securities LLC is the initial purchaser.
BlackRock Financial Management is the investment manager.
The reinvestment period ends April 15, 2024.
Collateral for the notes is speculative-grade senior secured term loans primarily.
BlackRock is an investment management firm based in New York City.
| Issuers: | Magnetite XXII Ltd./Magnetite XXII LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $661.89 million
|
| Maturity: | April 15, 2031
|
| Structure: | Cash flow CLO
|
| Placement agent: | Wells Fargo Securities LLC
|
| Manager: | BlackRock Financial Management, Inc.
|
| Settlement date: | May 8
|
|
|
| Class A-R notes
|
| Amount: | $415 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 106 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $78 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $39.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $39 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 635 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $64.385 million
|
| Securities: | Subordinated notes
|
|
|
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