By Cristal Cody
Tupelo, Miss., Sept. 19 – Palmer Square Capital Management LLC priced and closed on the $302,905,000 Palmer Square Loan Funding 2017-1 Ltd. collateralized loan obligation, according to a market source and a company news release on Tuesday.
The deal was expected to include $202.9 million of class A-1 floating-rate notes (/AAA/); $32.6 million of class A-2 floating-rate notes (/AA/); $19.98 million of class B deferrable floating-rate notes (/A/); $13.2 million of class C deferrable floating-rate notes (/BBB/); $10.5 million of class D deferrable floating-rate notes (/BB/) and $23,725,000 of subordinated notes. Final pricing details were not immediately available.
J.P. Morgan Securities LLC was the placement agent.
Palmer Square Capital Management will manage the CLO, which has a one-year non-call period.
The notes are due Oct. 15, 2025.
The CLO is backed primarily by broadly syndicated speculative-grade senior secured term loans.
Palmer Square Capital said in the release that it has closed six CLO transactions in 2017.
The Leawood, Kan.-based investment management firm priced two new CLOs in 2016.
| Issuer: | Palmer Square Loan Funding 2017-1 Ltd.
|
| Amount: | $302,905,000
|
| Maturity: | Oct. 15, 2025
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Palmer Square Capital Management LLC
|
| Call feature: | Oct. 15, 2018
|
| Announcement date: | Sept. 19
|
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