Chicago, Oct. 23 – BlackRock Financial Management Inc. refinanced and extended for $507.35 million the collateralized loan obligation issued by Magnetite XXXV Ltd./Magnetite XXXV LLC, according to a presale report.
The notes will mature on Oct. 25, 2036.
The refinanced CLO consists of $5 million of class X-R senior secured floating-rate notes at SOFR plus 120 basis points, $320 million of class A-R senior secured floating-rate notes at SOFR plus 165 bps, $60 million of class B-R senior secured floating-rate notes at SOFR plus 240 bps, $30 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 270 bps, $30 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 400 bps, $17.5 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 725 bps and $44.85 million of subordinated notes.
The original CLO had $314 million of class A-1 senior secured floating-rate notes at SOFR plus 205 bps, $6 million of class A-2 4.8% senior secured fixed-rate notes, $15 million of class B-1 senior secured floating-rate notes at SOFR plus 385 bps, $35 million of class B-2 5.68% senior secured fixed-rate notes, $28.8 million of class C deferrable mezzanine floating-rate notes at SOFR plus 385 bps, $31.3 million of class D deferrable mezzanine floating-rate notes at SOFR plus 488 bps, $16.3 million of class E deferrable mezzanine floating-rate notes at SOFR plus 790 bps and $44.9 million of subordinated notes.
BlackRock Financial Management Inc. will manage the collateral through the end of the reinvestment period on Oct. 25, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 25, 2025.
Morgan Stanley & Co. LLC was the placement agent.
BlackRock is an investment management firm based in New York City.
| Issuer: | Magnetite XXXV Ltd./Magnetite XXXV LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $507.35 million
|
| Maturity: | Oct. 25, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | BlackRock Financial Management Inc.
|
| Call feature: | Oct. 25, 2025
|
| Pricing date: | Oct. 20
|
| Settlement date: | Oct. 25
|
|
|
| Class X-R notes
|
| Amount: | $5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 120 bps
|
|
|
| Class A-R notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 165 bps
|
|
|
| Class B-R notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 270 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 400 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 725 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $44.85 million
|
| Securities: | Subordinated notes
|
|
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