Chicago, March 24 – Northwestern Mutual Investment Management Co. LLC sold $502.55 million in a collateralized loan obligation being issued by 720 East CLO 2023-I Ltd./720 East CLO 2023-I LLC, according to a presale report.
The notes will mature on April 15, 2036.
The CLO consists of $320 million of class A-1 senior secured floating-rate notes at SOFR plus 210 basis points, $20 million of class A-2 senior secured floating-rate notes at SOFR plus 225 bps, $40 million of class B senior secured floating-rate notes at SOFR plus 250 bps, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 330 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 585 bps, $15 million of class E senior secured deferrable floating-rate notes at SOFR plus 865 bps and $47.55 million of subordinated notes.
Northwestern Mutual Investment Management Co. LLC will manage the collateral through the end of the reinvestment period on April 15, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 30, 2025.
J.P. Morgan Securities LLC was the placement agent.
The manager is a subsidiary of Northwestern Mutual Life Insurance Co.
| Issuer: | 720 East CLO 2023-I Ltd./720 East CLO 2023-I LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $502.55 million
|
| Maturity: | April 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Northwestern Mutual Investment Management Co. LLC
|
| Call feature: | March 30, 2025
|
| Settlement date: | March 30
|
|
|
| Class A-1 notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 330 bps
|
| Rating: | S&P: AA
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 585 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 865 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $47.55 million
|
| Securities: | Subordinated notes
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
