Chicago, Dec. 16 – Generate Advisors LLC sold its first CLO in 2021 for $455.05 million in a collateralized loan obligation issued by Generate CLO 9 Ltd./Generate CLO 9 LLC, according to a pre-sale report.
The notes will mature on Oct. 20, 2034.
The CLO consists of $283.5 million of class A senior secured floating-rate notes at Libor plus 120 basis points, $35 million of class B-1 senior secured floating-rate notes at Libor plus 175 bps, $23.5 million of class B-2 2.68% senior secured fixed-rate notes, $27 million of class C senior secured deferrable floating-rate notes at Libor plus 225 bps, $27 million of class D senior secured deferrable floating-rate notes at Libor plus 335 bps, $15.75 million of class E senior secured deferrable floating-rate notes at Libor plus 685 bps and $43.3 million of subordinated notes.
Generate Advisors LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
Collateral for the notes comes primarily from senior secured loans, cash and eligible investments with most borrowers based in the United States or Canada.
The notes can be called starting Oct. 20, 2023.
Goldman Sachs & Co. LLC was the placement agent.
Generate Advisors LLC is controlled by Kennedy Lewis Investment Management LLC.
| Issuer: | Generate CLO 9 Ltd./Generate CLO 9 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $455.05 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Generate Advisors LLC
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | Nov. 5
|
|
|
| Class A notes
|
| Amount: | $283.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 120 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $23.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2.68%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 335 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 685 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $43.3 million
|
| Securities: | Subordinated notes
|
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