Chicago, Feb. 23 – FCOD CLO Management LLC priced $403 million of loans and notes in a collateralized loan obligation being issued by Fortress Credit Opportunities XXIII LLC, according to a presale report.
The CLO will mature on April 15, 2036.
The transaction consists of $64.8 million of class A-1R senior secured floating-rate loans at SOFR plus 220 basis points, $151.2 million of class A-1T senior secured floating-rate notes at SOFR plus 220 bps, $12 million of class A-2 senior secured floating-rate notes at SOFR plus 260 bps, $20 million of class B senior secured floating-rate notes at SOFR plus 285 bps, $32 million of class C senior secured deferrable floating-rate notes at SOFR plus 385 bps, $28 million of class D senior secured deferrable floating-rate notes at SOFR plus 585 bps, $24 million of class E senior secured deferrable floating-rate notes at SOFR plus 735 bps and $71 million of subordinated notes.
FCOD CLO Management LLC will manage the collateral through the end of the reinvestment period on April 15, 2028.
Collateral consists of middle-market speculative-grade senior secured term loans.
The CLO can be called starting March 6, 2026.
Scotia Capital (USA) Inc. was the placement agent.
Fortress Credit Opportunities is a securities asset fund based in Las Vegas.
| Issuer: | Fortress Credit Opportunities XXIII LLC
|
| Issue: | Floating-rate loans, floating-rate notes and subordinated notes
|
| Amount: | $403 million
|
| Maturity: | April 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Scotia Capital (USA) Inc.
|
| Manager: | FCOD CLO Management LLC
|
| Call feature: | March 6, 2026
|
| Pricing date: | Feb. 16
|
| Settlement date: | March 6
|
|
|
| Class A-1R loans
|
| Amount: | $64.8 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1T notes
|
| Amount: | $151.2 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 285 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $32 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 385 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 585 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 735 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $71 million
|
| Securities: | Subordinated notes
|
|
|
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