Chicago, Feb. 23 – Generate Advisors, LLC sold $296.55 million in a collateralized loan obligation being issued by Generate CLO 11 Ltd./Generate CLO 11 LLC, according to a presale report.
The notes will mature on April 20, 2035.
The CLO consists of $186 million of class A senior secured floating-rate notes at SOFR plus 212 basis points, $40.35 million of class B senior secured floating-rate notes at SOFR plus 275 bps, $17.85 million of class C senior secured deferrable floating-rate notes at SOFR plus 355 bps, $16.65 million of class D senior secured deferrable floating-rate notes at SOFR plus 575 bps, $8.7 million of class E senior secured deferrable floating-rate notes at SOFR plus 859 bps and $27 million of subordinated notes.
Generate Advisors, LLC will manage the collateral through the end of the reinvestment period on April 20, 2026.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Aug. 24, 2024.
J.P. Morgan Securities LLC was the placement agent.
Generate Advisors LLC is controlled by Kennedy Lewis Investment Management LLC.
| Issuer: | Generate CLO 11 Ltd./Generate CLO 11 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $296.55 million
|
| Maturity: | April 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Generate Advisors, LLC
|
| Call feature: | Aug. 24, 2024
|
| Settlement date: | Feb. 24, 2023
|
|
|
| Class A notes
|
| Amount: | $186 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 212 bps
|
|
|
| Class B notes
|
| Amount: | $40.35 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 275 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $17.85 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 355 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $16.65 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 575 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $8.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 859 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $27 million
|
| Securities: | Subordinated notes
|
|
|
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