By Cristal Cody
Tupelo, Miss., March 1 – BlackRock Financial Management, Inc. sold $500.25 million of notes due April 20, 2030 in a new collateralized loan obligation deal, according to a market source.
Magnetite XXI, Ltd./Magnetite XXI LLC priced $5 million of class X floating-rate notes at Libor plus 65 basis points; $332.5 million of class A floating-rate notes at Libor plus 128 bps; $51 million of class B floating-rate notes at Libor plus 170 bps; $21 million of class C floating-rate notes at Libor plus 250 bps; $29.5 million of class D floating-rate notes at Libor plus 350 bps; $26 million of class E floating-rate notes at Libor plus 675 bps; $5 million of class F floating-rate notes at Libor plus 950 bps and $30.25 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
BlackRock Financial Management will manage the CLO.
The notes have a one-year non-call period and a three-year reinvestment period.
The CLO is collateralized mainly by first-lien senior secured loans.
BlackRock is an investment management firm based in New York City.
| Issuer: | Magnetite XXI, Ltd./Magnetite XXI LLC
|
| Amount: | $500.25 million
|
| Maturity: | April 20, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | BlackRock Financial Management, Inc.
|
| Call feature: | One year
|
| Pricing date: | Feb. 13
|
| Settlement date: | March 26
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class X notes
|
| Amount: | $5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 65 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A notes
|
| Amount: | $332.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 128 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $51 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 250 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $29.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 350 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $26 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 675 bps
|
| Ratings: | Non-rated
|
|
|
| Class F notes
|
| Amount: | $5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 950 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $30.25 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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