Chicago, June 9 – Fortress Investment Group LLC affiliate FC BSL XIII Management LLC sold $521.5 million of notes in a new broadly syndicated CLO issued by Fortress Credit BSL XIII Ltd./Fortress Credit BSL XIII LLC, according to a pre-sale report.
The notes mature July 20, 2034.
In the CLO, there are $312 million of class A senior secured floating-rate notes at Libor plus 132 basis points, $75.4 million of class B senior secured floating-rate notes at Libor plus 190 bps, $31.2 million of class C senior secured deferrable floating-rate notes at Libor plus 240 bps, $31.2 million of class D senior secured deferrable floating-rate notes at Libor plus 355 bps, $19.5 million of class E senior secured deferrable floating-rate notes at Libor plus 691 bps and $52.2 million of subordinated notes.
GreensLedge Capital Markets LLC and Natixis Securities Americas LLC are the placement agents.
FC BSL XIII Management LLC will select the collateral in the pool underlying the notes for the five-year reinvestment period.
Collateral will come from broadly syndicated speculative-grade senior secured term loans.
The notes can be called after June 10, 2023.
Fortress Investment is a New York City-based investment firm.
| Issuers: | Fortress Credit BSL XIII Ltd./Fortress Credit BSL XIII LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Amount: | $521.5 million
|
| Maturity: | July 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agents: | GreensLedge Capital Markets LLC and Natixis Securities Americas LLC
|
| Manager: | FC BSL XIII Management LLC
|
| Call feature: | June 10, 2023
|
| Settlement date: | June 10
|
|
|
| Class A notes
|
| Amount: | $312 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $75.4 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $31.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $31.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 355 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $19.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 691 bps
|
| Rating: | S&P: BB0
|
|
|
| Subordinated notes
|
| Amount: | $52.2 million
|
| Securities: | Subordinated notes
|
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