Chicago, June 23 – FC BSL CLO Manager III LLC sold $475.5 million in a collateralized loan obligation being issued by Fortress Credit BSL XIX Ltd./Fortress Credit BSL XIX LLC, according to a presale report.
The notes will mature on July 24, 2036.
The CLO consists of $297.6 million of class A senior secured floating-rate notes at SOFR plus 210 basis points, $55.8 million of class B senior secured floating-rate notes at SOFR plus 300 bps, $21.8 million of class C-1 deferrable mezzanine floating-rate notes at SOFR plus 385 bps, $10 million of class C-2 7.25% deferrable mezzanine fixed-rate notes, $28.8 million of class D deferrable mezzanine floating-rate notes at SOFR plus 627 bps, $18 million of class E deferrable mezzanine floating-rate notes at SOFR plus 837 bps, $1.2 million of class F deferrable mezzanine floating-rate notes at SOFR plus 843 bps and $42.3 million of subordinated notes.
FC BSL CLO Manager III LLC will manage the collateral through the end of the reinvestment period on July 24, 2028.
Collateral for the notes consists of broadly syndicated senior secured corporate loans.
The notes can be called starting July 24, 2025.
Goldman Sachs & Co. LLC was the placement agent.
Fortress Investment is a New York City-based investment firm. FC BSL is a subsidiary.
| Issuer: | Fortress Credit BSL XIX Ltd./Fortress Credit BSL XIX LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $475.5 million
|
| Maturity: | July 24, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | FC BSL CLO Manager III LLC
|
| Call feature: | July 24, 2025
|
| Settlement date: | July 13
|
|
|
| Class A notes
|
| Amount: | $297.6 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
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| Amount: | $55.8 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | SOFR plus 300 bps
|
| Rating: | Fitch: AA+
|
|
|
| Class C-1 notes
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| Amount: | $21.8 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 385 bps
|
| Rating: | Fitch: A+
|
|
|
| Class C-2 notes
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| Amount: | $10 million
|
| Securities: | Deferrable mezzanine fixed-rate notes
|
| Coupon: | 7.25%
|
| Rating: | Fitch: A+
|
|
|
| Class D notes
|
| Amount: | $28.8 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 627 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 837 bps
|
| Rating: | Fitch: BB+
|
|
|
| Class F notes
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| Amount: | $1.2 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 843 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $42.3 million
|
| Securities: | Subordinated notes
|
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