Chicago, April 28 – Birch Grove Capital LP sold $397.3 million in a collateralized loan obligation being issued by Birch Grove CLO 5 Ltd., according to multiple press releases.
The notes will mature on April 20, 2035.
The CLO consists of $240 million of class A-1 senior secured floating-rate notes at SOFR plus 220 basis points, $20 million of class A-2 senior secured floating-rate notes at SOFR plus 255 bps, $44 million of class B senior secured floating-rate notes at SOFR plus 295 bps, $22 million of class C mezzanine secured deferrable floating-rate notes at SOFR plus 360 bps, $26 million of class D mezzanine secured deferrable floating-rate notes at SOFR plus 581 bps, $12 million of class E junior secured deferrable floating-rate notes at SOFR plus 865 bps and $33.3 million of subordinated notes.
Birch Grove Capital LP will manage the collateral through the end of the reinvestment period on April 20, 2026.
Collateral for the notes consists of broadly syndicated senior secured corporate loans.
The notes can be called starting Sept. 23, 2024.
Birch Grove Capital is a New York-based alternative credit manager.
| Issuer: | Birch Grove CLO 5 Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $397.3 million
|
| Maturity: | April 20, 2035
|
| Structure: | Cash flow CLO
|
| Manager: | Birch Grove Capital LP
|
| Call feature: | Sept. 23, 2024
|
| Settlement date: | March 21
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | Moody’s: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 255 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 295 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $22 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 360 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $26 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 581 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 865 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $33.3 million
|
| Securities: | Subordinated notes
|
|
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