Chicago, May 10 – FC BSL XVII Management LLC sold $550.13 million in a collateralized loan obligation being issued by Fortress Credit BSL XVII Ltd./Fortress Credit BSL XVII LLC, according to a presale report.
The notes will mature on Oct. 23, 2034.
The CLO consists of $316.6 million of class A-1 senior secured floating-rate notes at SOFR plus 162 basis points, $18.9 million of class A-2 4.24% senior secured fixed-rate notes, $30 million of class B-1 senior secured floating-rate notes at SOFR plus 220 bps, $44.25 million of class B-2 4.79% senior secured fixed-rate notes, $25 million of class C-1 senior secured deferrable floating-rate notes at SOFR plus 300 bps, $10.75 million of class C-2 5.59% senior secured deferrable fixed-rate notes, $33 million of class D senior secured deferrable floating-rate notes at SOFR plus 480 bps, $19.25 million of class E senior secured deferrable floating-rate notes at SOFR plus 815 bps, and $52.375 million of subordinated notes.
FC BSL XVII Management LLC will manage the collateral through the end of the reinvestment period on April 23, 2026.
Collateral for the notes consists of senior secured loans, cash and eligible investments.
The notes can be called starting April 23, 2024.
MUFG Securities Americas Inc. was the placement agent.
Fortress Investment is a New York City-based investment firm. FC BSL is a subsidiary of Fortress Investment.
Issuer: | Fortress Credit BSL XVII Ltd./Fortress Credit BSL XVII LLC
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Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
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Amount: | $550,125,000
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Maturity: | Oct. 23, 2034
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Structure: | Cash flow CLO
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Placement agent: MUFG Securities Americas Inc.
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Manager: | FC BSL XVII Management LLC
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Call feature: | April 23, 2024
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Settlement date: | May 24
|
|
Class A-1 notes
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Amount: | $316.6 million
|
Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 162 bps
|
Rating: | S&P: AAA
|
|
Class A-2 notes
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Amount: | $18.9 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 4.24%
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Rating: | S&P: AAA
|
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Class B-1 notes
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Amount: | $30 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 220 bps
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Rating: | S&P: AA
|
|
Class B-2 notes
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Amount: | $44.25 million
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Securities: | Senior secured fixed-rate notes
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Coupon: | 4.79%
|
Rating: | S&P: AA
|
|
Class C-1 notes
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Amount: | $25 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 300 bps
|
Rating: | S&P: A
|
|
Class C-2 notes
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Amount: | $10.75 million
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Securities: | Senior secured deferrable fixed-rate notes
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Coupon: | 5.59%
|
Rating: | S&P: A
|
|
Class D notes
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Amount: | $33 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 480 bps
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Rating: | S&P: BBB-
|
|
Class E notes
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Amount: | $19.25 million
|
Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 815 bps
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Rating: | S&P: BB-
|
|
Subordinated notes
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Amount: | $52,375,000
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Securities: | Subordinated notes
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