Chicago, Feb. 10 – FCO XVII CLO CM LLC sold $666.5 million in a collateralized loan obligation being issued by Fortress Credit Opportunities XVII CLO Ltd./Fortress Credit Opportunities XVII CLO LLC, according to a pre-sale report.
The notes will mature on Jan. 15, 2030.
The CLO consists of $199.5 million of class A senior secured floating-rate notes at SOFR plus 137 basis points, $148.15 million of class B senior secured floating-rate notes at SOFR plus 195 bps, $132.45 million of class C senior secured deferrable floating-rate notes at SOFR plus 265 bps, $122.7 million of class D senior secured deferrable floating-rate notes at SOFR plus 390 bps and $63.7 million of subordinated notes.
FCO XVII CLO CM LLC will manage the collateral, primarily middle-market speculative grade senior secured term loans.
However, there is no reinvestment period for the static CLO.
The notes can be called starting Jan. 15, 2023.
Deutsche Bank Securities Inc. was the placement agent.
Fortress Credit Opportunities is a securities asset fund based in Las Vegas.
| Issuer: | Fortress Credit Opportunities XVII CLO Ltd./Fortress Credit Opportunities XVII CLO LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $666.5 million
|
| Maturity: | Jan. 15, 2030
|
| Structure: | Cash flow CLO
|
| Placement agent: | Deutsche Bank Securities Inc.
|
| Manager: | FCO XVII CLO CM LLC
|
| Call feature: | Jan. 15, 2023
|
| Settlement date: | Feb. 18
|
|
|
| Class A notes
|
| Amount: | $199.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 137 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $148.15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 195 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $132.45 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 265 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $122.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 390 bps
|
| Rating: | S&P: BBB-
|
|
|
| Subordinated notes
|
| Amount: | $63.7 million
|
| Securities: | Subordinated notes
|
© 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.
