FREE WRITING PROSPECTUS | ||
FILED PURSUANT TO RULE 433 | ||
REGISTRATION FILE NO.: 333-226850-05 | ||
Subject: **PUBLIC ANNOUNCEMENT** BBCMS 2020-C6 -- NEW ISSUE CMBS
BBCMS 2020-C6 -- NEW ISSUE CMBS$792.922 NEW ISSUE CMBS ***PUBLIC OFFERING***
JOINT BOOKRUNNERS & CO-LEAD MANAGERS:
BARCLAYS CAPITAL INC. & SG AMERICAS SECURITIES, LLC
CO-MANAGERS: | BANCROFT CAPITAL, LLC & Drexel Hamilton |
RATING AGENCIES: | S&P, FITCH & DBRS |
***PUBLIC OFFERED CERTIFICATES***
CLASS | RATINGS (S/F/D) | AVAILABLE SIZE ($MM) | C/E | WAL | LTV | DY |
A-1 | AAA/AAA/AAA | 14.352 | 30.000% | 2.87 | 39.6% | 16.0% |
A-2 | AAA/AAA/AAA | 88.400 | 30.000% | 4.84 | 39.6% | 16.0% |
A-3** | AAA/AAA/AAA | [230.000] | 30.000% | [9.80] | 39.6% | 16.0% |
A-4** | AAA/AAA/AAA | [256.300] | 30.000% | [9.87] | 39.6% | 16.0% |
A-SB | AAA/AAA/AAA | 26.810 | 30.000% | 7.41 | 39.6% | 16.0% |
A-S | AA/AAA/AAA | 105.576 | 18.000% | 9.91 | 46.4% | 13.7% |
B | NR/AA-/AA(high) | 37.392 | 13.750% | 9.91 | 48.8% | 13.0% |
C | NR/A-/A | 34.092 | 9.875% | 9.96 | 51.0% | 12.4% |
** A-3 AND A-4 AVAILABLE SIZES ($MM) AND WALs ARE SUBJECT TO CHANGE AS DETAILED IN THE ATTACHED TERM SHEET. RANGE OF POSSIBLE AVAILABLE SIZES ($MM) BELOW:
A-3: | 0 – 230.000 |
A-4: | 256.300 – 486.300 |
--TRANSACTION SUMMARY-- | |
POOL BALANCE: | $904,003,147 |
NUMBER OF LOANS: | 45 |
NUMBER OF PROPERTIES: | 118 |
WA CUT-OFF LTV: | 56.6% |
WA MATURITY LTV: | 53.3% |
WA U/W NCF DSCR: | 2.75x |
WA U/W NOI DY: | 11.2% |
WA MORTGAGE RATE: | 3.61658% |
TOP 10 LOANS %: | 53.4%** |
WA REM TERM MATURITY: | 113 MONTHS |
** Includes crossed loans #10, #11, #12, #13, and #14 | |
LOAN SELLERS: | BARCLAYS (50.5%), SGFC (27.3%), SMC (22.2%) |
TOP 5 PROPERTY TYPES: | Office (20.4%), Retail (20.2%), Mixed Use (19.0%), Multifamily (17.1%), Hotel (12.1%) |
TOP 5 STATES: | NY (21.4%), CA (14.3%), GA (6.1%), NJ (6.0%), NC (5.8%) |
MASTER SERVICER: | MIDLAND LOAN SERVICES |
SPECIAL SERVICER: | MIDLAND LOAN SERVICES |
OPERATING ADVISOR: | PENTALPHA SURVEILLANCE LLC |
DIRECTING HOLDER: | KKR REAL ESTATE CREDIT OPPORTUNITY PARTNERS II L.P. |
RISK RETENTION: | L-SHAPED |
TRUSTEE: | WELLS FARGO BANK, NATIONAL ASSOCIATION |
CERT. ADMIN.: | WELLS FARGO BANK, NATIONAL ASSOCIATION |
--ANTICIPATED TIMING-- | |
TERM SHEET/ANNEX A-1: | ATTACHED |
RED PROSPECTUS: | MONDAY (1/27) |
THIRD PARTY SYSTEMS: | TODAY (1/24) |
ROADSHOW: | **SEE SCHEDULE BELOW** |
CONFERENCE CALLS: | UPON DEMAND **CONTACT SALES COVERAGE** |
PRE-SALE REPORTS: | TODAY - Monday (1/24 – 1/27) |
EXPECTED SETTLEMENT: | 2/19 |
--ROADSHOW SCHEDULE-- | |
>> NORTHEAST: | MONDAY (1/27) |
08:30AM EST: | Breakfast, Max Downtown - Alfred Room, Hartford, CT |
12:00PM EST: | Lunch, Boston Harbor Hotel - John Adams Salon, Boston, MA |
>> MIDWEST: | TUESDAY (1/28) |
7:30AM CST: | Breakfast, Grand Hotel Minneapolis - Cedar Lake Room, 5th Floor, Minneapolis, MN |
The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (File No. 333-226850) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the Securities and Exchange Commission for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor, any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling 1-888-603-5847.
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