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
|
|
© 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.