Chicago, Sept. 17 – BlackRock Investment Management (UK) Ltd. priced €298.7 million of notes due Oct. 17, 2033, according to a market source.
The BlackRock European CLO X DAC deal contains €183.8 million of class A senior secured floating-rate notes at Euribor plus 125 basis points and €23.3 million class B senior secured floating-rate notes at Euribor plus 180 bps.
Lower in the stack, the transaction consists of €28.5 million of class C senior secured deferrable floating-rate notes at Euribor plus 280 bps, €19.8 million of class D senior secured deferrable floating-rate notes at Euribor plus 380 bps, €11.1 million of class E senior secured deferrable floating-rate notes at Euribor plus 617 bps and €7.3 million of class F senior secured deferrable floating-rate notes at Euribor plus 731 bps.
The subordinated note class is sized at €24.92 million.
BlackRock Investment Management will manage the CLO.
There is a three-year reinvestment period.
The portfolio is primarily made of senior secured obligations, including loans and bonds.
BlackRock Investment Management (UK) is a London-based subsidiary of BlackRock, Inc.
| Issuer: | BlackRock European CLO X DAC
|
| Amount: | €298.7 million
|
| Maturity: | Oct. 17, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Manager: | BlackRock Investment Management (UK) Ltd.
|
| Pricing date: | Sept. 17
|
| Closing date: | Nov. 11
|
|
|
| Class A notes
|
| Amount: | €183.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 125 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class B notes
|
| Amount: | €23.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 180 bps
|
| Rating: | Moody’s: Non-rated
|
|
|
| Class C notes
|
| Amount: | €28.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 280 bps
|
| Rating: | Moody’s: Non-rated
|
|
|
| Class D notes
|
| Amount: | €19.8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 380 bps
|
| Rating: | Moody’s: Non-rated
|
|
|
| Class E notes
|
| Amount: | €11.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 617 bps
|
| Rating: | Moody’s: Non-rated
|
|
|
| Class F notes
|
| Amount: | €7.3 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Euribor plus 731 bps
|
| Rating: | Moody’s: B3
|
|
|
| Equity
|
| Amount: | €24.92 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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