Chicago, Jan. 5 – FC BSL XIV Management LLC sold $453.47 million in a collateralized loan obligation being issued by Fortress Credit BSL XIV Ltd./Fortress Credit BSL XIV LLC, according to a pre-sale report.
The notes will mature on Oct. 23, 2034.
The CLO consists of $270 million of class A senior secured floating-rate notes at Libor plus 125 basis points, $35 million of class B-1 senior secured floating-rate notes at Libor plus 180 bps, $30.2 million of class B-2 3.15% senior secured fixed-rate notes, $29.3 million of class C senior secured deferrable floating-rate notes at Libor plus 245 bps, $27 million of class D senior secured deferrable floating-rate notes at Libor plus 380 bps, $18 million of class E senior secured deferrable floating-rate notes at Libor plus 739 bps and $43.97 million of subordinated notes.
FC BSL XIV Management LLC will manage the collateral through the end of the reinvestment period on Oct. 23, 2026.
Collateral will mostly come from senior secured loans, cash and eligible investments with most borrowers based in the United States.
The notes can be called starting Oct. 23, 2023.
MUFG Securities Americas Inc. was the placement agent.
Fortress Investment is a New York City-based investment firm.
| Issuer: | Fortress Credit BSL XIV Ltd./Fortress Credit BSL XIV LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $453.47 million
|
| Maturity: | Oct. 23, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | MUFG Securities Americas Inc.
|
| Manager: | FC BSL XIV Management LLC
|
| Call feature: | Oct. 23, 2023
|
| Settlement date: | Nov. 30
|
|
|
| Class A notes
|
| Amount: | $270 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $30.2 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.15%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $29.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 245 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 739 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $43.97 million
|
| Securities: | Subordinated notes
|
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