Chicago, June 22 – Elmwood Asset Management LLC priced a new CLO for $529.5 million with Logan CLO I, Ltd. listed as issuer, according to a notice.
The notes are due July 20, 2034.
The portfolio includes $310 million of class A senior secured floating-rate notes at Libor plus 116 basis points, $70 million of class B senior secured floating-rate notes at Libor plus 175 bps, $24.5 million of class C senior secured deferrable floating-rate notes at Libor plus 190 bps, $60.5 million of class D 2.25% senior secured deferrable fixed-rate notes and $22.5 million of class E 5% senior secured deferrable fixed-rate notes.
There are also $42 million of variable dividend notes.
Barclays is the underwriter.
Elmwood Asset Management will manage the collateral, mostly broadly syndicated senior secured corporate loans.
There is a five-year reinvestment period.
The hedge fund is based in New York.
Issuer: | Logan CLO I, Ltd.
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Issue: | Floating-rate notes, fixed-rate notes and variable dividend notes
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Amount: | $529.5 million
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Maturity: | July 20, 2034
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Structure: | Cash flow CLO
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Placement agent: | Barclays
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Manager: | Elmwood Asset Management LLC
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Settlement date: | June 3
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Class A notes
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Amount: | $310 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 116 bps
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Rating: | Moody's: Aaa
|
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Class B notes
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Amount: | $70 million
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Securities: | Senior secured floating-rate notes
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Coupon: | Libor plus 175 bps
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Rating: | Moody's: Aa2
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Class C notes
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Amount: | $24.5 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | Libor plus 190 bps
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Rating: | Moody's: A2
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Class D notes
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Amount: | $60.5 million
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Securities: | Senior secured deferrable fixed-rate notes
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Coupon: | 2.25%
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Class E notes
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Amount: | $22.5 million
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Securities: | Senior secured deferrable fixed-rate notes
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Coupon: | 5%
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Variable dividend notes
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Amount: | $42 million
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Securities: | Variable dividend notes
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