Chicago, April 20 – Pacific Investment Management Co. LLC sold $405 million in a collateralized loan obligation being issued by Balboa Bay Loan Funding 2022-1 Ltd./Balboa Bay Loan Funding 2022-1 LLC, according to a pre-sale report.
The notes will mature on April 20, 2034.
The CLO consists of $256 million of class A senior secured floating-rate notes at SOFR plus 143 basis points, $48 million of class B senior secured floating-rate notes at SOFR plus 200 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 255 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 400 bps, $16 million of class E senior secured deferrable floating-rate notes at SOFR plus 793 bps and $37 million of subordinated notes.
Pacific Investment Management Co. LLC will manage the collateral through the end of the reinvestment period on April 20, 2025.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 20, 2023.
Goldman Sachs & Co. LLC was the placement agent.
Pacific Investment Management is an investment management firm based in Newport Beach, Calif.
The investment management firm’s first CLO of 2022 brings the assets under management for Pimco up to around $1.6 billion.
| Issuer: | Balboa Bay Loan Funding 2022-1 Ltd./Balboa Bay Loan Funding 2022-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $405 million
|
| Maturity: | April 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Pacific Investment Management Co. LLC
|
| Call feature: | April 20, 2023
|
| Settlement date: | May 12
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 143 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 255 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 400 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 793 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $37 million
|
| Securities: | Subordinated notes
|
|
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