Chicago, June 7 – BlackRock Financial Management Inc. sold $452.1 million in a collateralized loan obligation being issued by Magnetite XXXVI Ltd./Magnetite XXXVI LLC, according to a presale report.
The notes will mature on April 22, 2036.
The CLO consists of $288 million of class A senior secured floating-rate notes at SOFR plus 180 basis points, $54 million of class B senior secured floating-rate notes at SOFR plus 245 bps, $24.75 million of class C senior secured deferrable floating-rate notes at SOFR plus 300 bps, $28.125 million of class D senior secured deferrable floating-rate notes at SOFR plus 490 bps, $14.625 million of class E senior secured deferrable floating-rate notes at SOFR plus 800 bps and $42.6 million of subordinated notes.
BlackRock Financial Management Inc. will manage the collateral through the end of the reinvestment period on April 22, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 22, 2025.
Morgan Stanley & Co. LLC was the placement agent.
BlackRock is an investment management firm based in New York City.
| Issuer: | Magnetite XXXVI Ltd./Magnetite XXXVI LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $452.1 million
|
| Maturity: | April 22, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | BlackRock Financial Management Inc.
|
| Call feature: | April 22, 2025
|
| Settlement date: | June 8
|
|
|
| Class A notes
|
| Amount: | $288 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
|
|
| Class B notes
|
| Amount: | $54 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $28.125 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 490 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14.625 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 800 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $42.6 million
|
| Securities: | Subordinated notes
|
|
|
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