Chicago, Sept. 8 – BlackRock Investment Management (UK) Ltd. sold €392.4 million of notes in a collateralized loan obligation issued by BlackRock European CLO XIV DAC , according to a new issue report.
The notes will mature on July 15, 2036.
The CLO consists of €244 million of class A senior secured floating-rate notes at Euribor plus 185 basis points, €30 million of class B-1 senior secured floating-rate notes at Euribor plus 315 bps, €10 million of class B-2 6.95% senior secured fixed-rate notes, €20.5 million of class C senior secured deferrable floating-rate notes at Euribor plus 390 bps, €26 million of class D senior secured deferrable floating-rate notes at Euribor plus 640 bps, €16.5 million of class E senior secured deferrable floating-rate notes at Euribor plus 767 bps, €19 million of class F senior secured deferrable floating-rate notes at Euribor plus 1,022 bps and €26.4 million of subordinated notes.
BlackRock Investment Management (UK) Ltd. will manage the collateral through the end of the 4.4-year reinvestment period.
Collateral for the notes consists of syndicated senior secured loans or bonds.
The notes can be called starting Dec. 9, 2024.
BlackRock Investment Management (UK) is a London-based investment management firm and subsidiary of BlackRock, Inc.
| Issuer: | BlackRock European CLO XIV DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €392.4 million
|
| Maturity: | July 15, 2036
|
| Structure: | Cash flow CLO
|
| Manager: | BlackRock Investment Management (UK) Ltd.
|
| Call feature: | Dec. 9, 2024
|
| Pricing date: | May 5, 2023
|
| Settlement date: | June 9
|
|
|
| Class A notes
|
| Amount: | €244 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 185 bps
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €30 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 315 bps
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €10 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.95%
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €20.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 390 bps
|
| Rating: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 640 bps
|
| Rating: | S&P: BBB-
|
| Fitch: BBB-
|
|
|
|
|
| Class E notes
|
| Amount: | €16.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 767 bps
|
| Rating: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | €19 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 1,022 bps
|
| Rating: | S&P: B-
|
| Fitch: B-
|
|
|
| Subordinated notes
|
| Amount: | €26.4 million
|
| Securities: | Subordinated notes
|
|
|
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