FWP 1 n3343_x6-newissue.htm FREE WRITING PROSPECTUS

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333--257737-06

 

 

Subject: **PUBLIC ANNOUNCEMENT** NEW ISSUE CMBS: BBCMS 2022-C18

 

NEW ISSUE CMBS: BBCMS 2022-C18

$709.178MM NEW ISSUE CMBS ***PUBLIC OFFERING***

 

JOINT LEADS: BARCLAYS; BMO CAPITAL MARKETS; KEYBANC CAPITAL MARKETS
  UBS SECURITIES LLC; SOCIÉTÉ GÉNÉRALE
   
CO-MANAGERS: ACADEMY SECURITIES; MISCHLER FINANCIAL GROUP, INC.
   
RATING AGENCIES: MOODY’S; FITCH; KBRA

 

 

*PUBLIC OFFERED CERTIFICATES*

 

  RATINGS AVAILABLE          
CLASS (M/F/K) SIZE ($MM) C/E WAL LTV DY BMARK
A-1 Aaa/AAA/AAA 10.600 30.000% 2.45 36.1% 19.6% ICUR
A-2 Aaa/AAA/AAA 73.000 30.000% 4.55 36.1% 19.6% ICUR
A-3 Aaa/AAA/AAA 42.100 30.000% 6.95 36.1% 19.6% ICUR
A-4** Aaa/AAA/AAA 195.000 30.000% 9.68 36.1% 19.6% ICUR
A-5** Aaa/AAA/AAA 228.200 30.000% 9.90 36.1% 19.6% ICUR
A-SB Aaa/AAA/AAA 16.826 30.000% 7.17 36.1% 19.6% ICUR
A-S Aa1/AAA/AAA 70.715 21.250% 9.92 40.6% 17.4% ICUR
B NR/AA-/AA+ 34.348 17.000% 9.92 42.8% 16.5% ICUR
C NR/A-/A 38.389 12.250% 9.92 45.3% 15.6% ICUR

* Note the transaction will spot vs the I-curve

** A-4 AND A-5 AVAILABLE SIZE ($MM) AND WAL ARE SUBJECT TO CHANGE AS DETAILED IN THE ATTACHED TERM SHEET. RANGE OF POSSIBLE AVAILABLE SIZE ($MM) BELOW:

A-4: 0.000 – 195.000

A-5: 228.200 – 423.200

 

 

*TRANSACTION SUMMARY*  
- POOL BALANCE: $808,180,236
- NUMBER OF LOANS: 37
- NUMBER OF PROPS: 114
- WA CUT-OFF LTV: 51.6%
- WA MATURITY LTV: 49.2%
- WA U/W NCF DSCR: 2.01x
- WA U/W NOI DY: 13.7%
- WA MORTGAGE RATE: 6.16454%
- TOP 10 LOANS %: 57.1%
- WA REM TERM: 111 MONTHS
- TOP 5 PROP TYPES: RETAIL (27.0%); OFFICE (20.7%); INDUSTRIAL (19.9%); HOSPITALITY (18.8%); MIXED USE (5.9%)
- TOP 5 STATES: NJ (12.2%); CA (11.8%); OH (8.2%); SC (7.5%); NY (6.8%)
   
*DEAL PARTIES*  
- MASTER SERVICER: MIDLAND LOAN SERVICES, A DIVISION OF PNC BANK, N.A.
- SPECIAL SERVICER: RIALTO CAPITAL ADVISORS, LLC
- OPERATING ADVISOR: PARK BRIDGE LENDER SERVICES LLC
- DIRECTING HOLDER: AN AFFILIATE OF RIALTO CAPITAL ADVISORS, LLC
- TRUSTEE: COMPUTERSHARE TRUST COMPANY, N.A.
- CERT. ADMIN.: COMPUTERSHARE TRUST COMPANY, N.A.
   
*MATERIALS & ANTICIPATED TIMING*  
- TERM SHEET/ANNEX: ATTACHED
- RED: ATTACHED
- 3RD PARTY SYSTEMS: TODAY
- PRE-SALE REPORTS: TODAY
- COLLATERAL CALLS: UPON DEMAND        **CONTACT SALES COVERAGE**
- PRICING: As early as Friday
- SETTLEMENT: ON OR ABOUT WEDNESDAY, DECEMBER 14, 2022

 

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THE SECURITIES OFFERED BY THESE MATERIALS ARE BEING OFFERED WHEN, AS AND IF ISSUED. THIS FREE WRITING PROSPECTUS IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY STATE OR OTHER JURISDICTION WHERE SUCH OFFER, SOLICITATION OR SALE IS NOT PERMITTED. THESE SECURITIES DO NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE SPONSORS, THE ORIGINATORS, THE MASTER SERVICER, THE SPECIAL SERVICER, THE TRUSTEE, THE CERTIFICATE ADMINISTRATOR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE CONTROLLING CLASS REPRESENTATIVE, THE COMPANION LOAN HOLDERS (OR THEIR REPRESENTATIVES), THE UNDERWRITERS OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THESE SECURITIES NOR THE MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THE ISSUER HAS FILED A REGISTRATION STATEMENT (INCLUDING A PROSPECTUS) WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION (SEC) FOR THIS OFFERING. BEFORE YOU INVEST, YOU SHOULD READ THE PROSPECTUS FOR THIS OFFERING IN THAT REGISTRATION STATEMENT, AND OTHER DOCUMENTS THAT THE ISSUER HAS FILED WITH THE SEC, FOR MORE COMPLETE INFORMATION ABOUT THE ISSUER AND THIS OFFERING. YOU MAY GET THESE DOCUMENTS FOR FREE BY SEARCHING THE SEC ONLINE DATABASE (EDGAR) AT WWW.SEC.GOV. ALTERNATIVELY, YOU MAY OBTAIN A COPY OF THE PROSPECTUS FROM BARCLAYS CAPITAL INC. BY CALLING 1-888-603-5847.

 

ANY LEGENDS, DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR AT THE BOTTOM OF ANY EMAIL COMMUNICATION TO WHICH THIS DOCUMENT IS ATTACHED RELATING TO (1) THESE MATERIALS NOT CONSTITUTING AN OFFER (OR A SOLICITATION OF AN OFFER), (2) NO REPRESENTATION THAT THESE MATERIALS ARE ACCURATE OR COMPLETE AND MAY NOT BE UPDATED OR (3) THESE MATERIALS POSSIBLY BEING CONFIDENTIAL, ARE NOT APPLICABLE TO THESE MATERIALS AND SHOULD BE DISREGARDED. SUCH LEGENDS, DISCLAIMERS OR OTHER NOTICES HAVE BEEN AUTOMATICALLY GENERATED AS A RESULT OF THESE MATERIALS HAVING BEEN SENT VIA BLOOMBERG OR ANOTHER SYSTEM.