Chicago, June 3 – BlackRock Financial Management Inc. sold $498.75 million in a collateralized loan obligation being issued by Magnetite XXXIII Ltd./Magnetite XXXIII LLC, according to a presale report.
The notes will mature on July 20, 2035.
The CLO consists of $320 million of class A senior secured floating-rate notes at SOFR plus 150 basis points, $53 million of class B-1 senior secured floating-rate notes at SOFR plus 235 bps, $7 million of class B-2 4.96% senior secured fixed-rate notes, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 275 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 390 bps, $20 million of class E senior secured deferrable floating-rate notes at SOFR plus 725 bps and $38.75 million of subordinated notes.
BlackRock Financial Management Inc. will manage the collateral through the end of the reinvestment period on July 20, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting June 29, 2024.
Nomura Securities International Inc. was the placement agent.
BlackRock is an investment management firm based in New York City.
| Issuer: | Magnetite XXXIII Ltd./Magnetite XXXIII LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $498.75 million
|
| Maturity: | July 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Nomura Securities International Inc.
|
| Manager: | BlackRock Financial Management Inc.
|
| Call feature: | June 29, 2024
|
| Settlement date: | June 29
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 150 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $53 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $7 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 4.96%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 275 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 390 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 725 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $38.75 million
|
| Securities: | Subordinated notes
|
|
|
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