Chicago, March 19 – Brigade Capital Europe Management, LLP sold $412.19 million of notes in a collateralized loan obligation being issued by Battalion CLO XXV, according to presale reports.
The notes will mature on March 13, 2037.
The CLO consists of $256 million of class A senior secured floating-rate notes at SOFR plus 163 basis points, $48 million of class B senior secured floating-rate notes at SOFR plus 220 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 250 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 435 bps, $14 million of class E senior secured deferrable floating-rate notes at SOFR plus 760 bps, $7.96 million of class F senior secured deferrable floating-rate notes at SOFR plus 650 bps, $38.053 million of subordinated A notes and $177,000 of subordinated B notes.
Brigade Capital Europe Management, LLP will manage the collateral through the end of the reinvestment period on March 13, 2029.
Collateral for the notes consists of first-lien senior secured leveraged loans.
The notes can be called starting March 13, 2026.
RBC Capital Markets, LLC and Santander US Capital Markets LLC were the placement agents.
Brigade Capital is an investment advisor firm based in New York.
| Issuer: | Battalion CLO XXV
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $412.19 million
|
| Maturity: | March 13, 2037
|
| Structure: | Cash flow CLO
|
| Placement agents: | RBC Capital Markets, LLC and Santander US Capital Markets LLC
|
| Manager: | Brigade Capital Europe Management, LLP
|
| Call feature: | March 13, 2026
|
| Pricing date: | March 5
|
| Settlement date: | March 13
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 163 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 435 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 760 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | $7.96 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 650 bps
|
| Rating: | Fitch: B-
|
|
|
| Subordinated A notes
|
| Amount: | $38.053 million
|
| Securities: | Subordinated notes
|
|
|
| Subordinated B notes
|
| Amount: | $177,000
|
| Securities: | Subordinated notes
|
|
|
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