Chicago, March 24 – BlackRock Financial Management Inc. priced $507.15 million of notes in a collateralized loan obligation being issued by Magnetite XXXII Ltd./Magnetite XXXII LLC, according to a pre-sale report.
The notes will mature on April 15, 2035.
The CLO consists of $310 million of class A floating-rate notes at SOFR plus 135 basis points, $70 million of class B floating-rate notes at SOFR plus 190 bps, $30 million of class C deferrable floating-rate notes at SOFR plus 230 bps, $30 million of class D deferrable floating-rate notes at SOFR plus 345 bps, $18.75 million of class E deferrable floating-rate notes at SOFR plus 690 bps and $48.4 million of subordinated notes.
BlackRock Financial Management Inc. will manage the collateral through the end of the reinvestment period on April 15, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 15, 2024.
Morgan Stanley and Co. LLC is the placement agent.
BlackRock is an investment management firm based in New York City.
| Issuer: | Magnetite XXXII Ltd./Magnetite XXXII LLC
|
| Amount: | $507.15 million
|
| Issue: | Floating-rate notes and subordinated notes
|
| Maturity: | April 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley and Co. LLC
|
| Manager: | BlackRock Financial Management Inc.
|
| Call feature: | April 15, 2024
|
| Settlement date: | April 4
|
|
|
| Class A notes
|
| Amount: | $310 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 135 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $70 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 190 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | SOFR plus 345 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18.75 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | SOFR plus 690 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $48.4 million
|
| Securities: | Subordinated notes
|
|
|
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