Chicago, Feb. 6 – Marathon Asset Management LP sold $397 million in a collateralized loan obligation being issued by Bryant Park Funding 2023-19 Ltd./Bryant Park Funding 2023-19 LLC, according to a presale report.
The notes will mature on April 15, 2036.
The CLO consists of $248 million of class A-1 senior secured floating-rate notes at SOFR plus 235 basis points, $40 million of class A-2A senior secured floating-rate notes at SOFR plus 300 bps, $13 million of class A-2B 6.13% senior secured fixed-rate notes, $24 million of class B senior secured deferrable floating-rate notes at SOFR plus 390 bps, $18 million of class C-1 senior secured deferrable floating-rate notes at SOFR plus 602 bps, $5 million of class C-2 9.37% senior secured deferrable fixed-rate notes, $13 million of class D senior secured deferrable floating-rate notes at SOFR plus 905 bps and $36 million of subordinated notes.
Marathon Asset Management LP will manage the collateral through the end of the reinvestment period on April 25, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 3, 2025.
MUFG Securities Americas Inc. was the placement agent.
Marathon Asset Management is a global credit manager based in New York City.
| Issuer: | Bryant Park Funding 2023-19 Ltd./Bryant Park Funding 2023-19 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $397 million
|
| Maturity: | April 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | MUFG Securities Americas Inc.
|
| Manager: | Marathon Asset Management LP
|
| Call feature: | March 3, 2025
|
| Settlement date: | March 3
|
|
|
| Class A-1 notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2A notes
|
| Amount: | $40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | S&P: AA
|
|
|
| Class A-2B notes
|
| Amount: | $13 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.13%
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 390 bps
|
| Rating: | S&P: A
|
|
|
| Class C-1 notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 602 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class C-2 notes
|
| Amount: | $5 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 9.37%
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $13 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 905 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $36 million
|
| Securities: | Subordinated notes
|
|
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