Chicago, Feb. 16 – Elmwood Asset Management LLC is refinancing and extending for $503.15 million the collateralized loan obligation issued by Elmwood CLO I Ltd./Elmwood CLO I LLC, according to a presale report.
The is the second refinancing of the March 2019 transaction. The first refinancing dates to October 2020.
The notes will now mature on April 20, 2037, extended from Oct. 20, 2033.
The CLO consists of $3 million of class X-RR senior secured floating-rate notes at SOFR plus 100 basis points, $308.75 million of class A-1-RR senior secured floating-rate notes at SOFR plus 152 bps, $8.75 million of class A-2-RR senior secured floating-rate notes at SOFR plus 172 bps, $62.5 million of class B-RR senior secured floating-rate notes at SOFR plus 200 bps, $30 million of class C-RR senior secured deferrable floating-rate notes at SOFR plus 240 bps, $30 million of class D-RR senior secured deferrable floating-rate notes at SOFR plus 375 bps, $20 million of class E-RR senior secured deferrable floating-rate notes at SOFR plus 640 bps and $40.15 million of subordinated notes.
Elmwood Asset Management LLC will manage the collateral through the end of the reinvestment period on April 20, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Feb. 15, 2026.
Citigroup Global Markets Inc. was the placement agent.
Elwood Asset Management is a New York-based hedge fund created in 2018. The was the hedge fund’s inaugural transaction when it was issued.
| Issuer: | Elmwood CLO I Ltd./Elmwood CLO I LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $503.15 million
|
| Maturity: | April 20, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Elmwood Asset Management LLC
|
| Call feature: | Feb. 15, 2026
|
| Pricing date: | Feb. 13
|
| Settlement date: | Feb. 15, 2024
|
|
|
| Class X-RR notes
|
| Amount: | $3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 100 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1-RR notes
|
| Amount: | $308.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 152 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-RR notes
|
| Amount: | $8.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 172 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-RR notes
|
| Amount: | $62.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-RR notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | S&P: A
|
|
|
| Class D-RR notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 375 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-RR notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 640 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40.15 million
|
| Securities: | Subordinated notes
|
|
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