Chicago, Dec. 14 – Empower Capital Management LLC priced $405.29 million of notes and loans in a collateralized loan obligation being issued by Empower CLO 2023-3 Ltd./Empower CLO 2023-3 LLC, according to a presale report.
The transaction will mature on Jan. 20, 2037.
The CLO consists of $206 million of class A senior secured floating-rate notes at SOFR plus 185 basis points, $50 million of class A senior secured floating-rate notes at SOFR plus 185 bps, $48 million of class B senior secured floating-rate notes at SOFR plus 255 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 305 bps, $19 million of class D-1 senior secured deferrable floating-rate notes at SOFR plus 515 bps, $5 million of class D-2 9.25% senior secured deferrable fixed-rate notes, $13 million of class E senior secured deferrable floating-rate notes at SOFR plus 782 bps and $40.29 million of subordinated notes.
Empower Capital Management LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2029.
Collateral consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Dec. 21, 2025.
J.P. Morgan Securities LLC was the placement agent.
The issuer is a fully-owned subsidiary of Empower Life & Annuity Insurance Co. Empower is based in Colorado.
Issuer: | Empower CLO 2023-3 Ltd./Empower CLO 2023-3 LLC
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Issue: | Floating-rate notes, floating-rate loans, fixed-rate notes and subordinated notes
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Amount: | $405.29 million
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Maturity: | Jan. 20, 2037
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Structure: | Cash flow CLO
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Placement agent: | J.P. Morgan Securities LLC
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Manager: | Empower Capital Management LLC
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Call feature: | Dec. 21, 2025
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Pricing date: | Dec. 7
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Settlement date: | Dec. 21
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Class A notes
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Amount: | $206 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 185 bps
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Rating: | S&P: AAA
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Class A loans
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Amount: | $50 million
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Securities: | Senior secured floating-rate loans
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Coupon: | SOFR plus 185 bps
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Rating: | S&P: AAA
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Class B notes
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Amount: | $48 million
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Securities: | Senior secured floating-rate notes
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Coupon: | SOFR plus 255 bps
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Rating: | S&P: AA
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Class C notes
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Amount: | $24 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 305 bps
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Rating: | S&P: A
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Class D-1 notes
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Amount: | $19 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 515 bps
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Rating: | S&P: BBB-
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Class D-2 notes
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Amount: | $5 million
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Securities: | Senior secured deferrable fixed-rate notes
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Coupon: | 9.25%
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Rating: | S&P: BBB-
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Class E notes
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Amount: | $13 million
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Securities: | Senior secured deferrable floating-rate notes
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Coupon: | SOFR plus 782 bps
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Rating: | S&P: BB-
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Subordinated notes
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Amount: | $40.29 million
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Securities: | Subordinated notes
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