Chicago, Nov. 21 – Elmwood Asset Management LLC sold $501.25 million in a collateralized loan obligation being issued by Elmwood CLO 24 Ltd./Elmwood CLO 24 LLC, according to a presale report.
The notes will mature on Dec. 11, 2033.
The CLO consists of $320 million of class A-1 senior secured floating-rate notes at SOFR plus 170 basis points, $10 million of class A-2 senior secured floating-rate notes at SOFR plus 195 bps, $50 million of class B senior secured floating-rate notes at SOFR plus 235 bps, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 295 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 450 bps, $19.25 million of class E senior secured deferrable floating-rate notes at SOFR plus 757 bps and $42 million of subordinated notes.
Elmwood Asset Management will manage the collateral through the end of the reinvestment period on Jan. 17, 2026.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Dec. 11, 2024.
RBC Capital Markets LLC was the placement agent.
The hedge fund is based in New York.
| Issuer: | Elmwood CLO 24 Ltd./Elmwood CLO 24 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $501.25 million
|
| Maturity: | Dec. 11, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets LLC
|
| Manager: | Elmwood Asset Management LLC
|
| Call feature: | Dec. 11, 2024
|
| Pricing date: | Nov. 15
|
| Settlement date: | Dec. 11
|
|
|
| Class A-1 notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 170 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $10 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 195 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 235 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 295 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 450 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $19.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 757 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $42 million
|
| Securities: | Subordinated notes
|
|
|
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