Chicago, April 3 – Brightwood SPV Advisors LLC sold $707.3 million in a collateralized loan obligation being issued by Brightwood Capital MM CLO 2024-2 Ltd./Brightwood Capital MM CLO 2024-2 LLC, according to a presale report.
The notes will mature on April 15, 2036.
The CLO consists of $292 million of class A-1 senior secured floating-rate notes at SOFR plus 220 basis points, $100 million of class A-1L senior secured floating-rate loans at SOFR plus 220 bps, $28 million of class A-2 senior secured floating-rate notes at SOFR plus 260 bps, $21 million of class B-1 senior secured floating-rate notes at SOFR plus 285 bps, $15 million of class B-L senior secured floating-rate loans at SOFR plus 285 bps, $13 million of class B-2 6.59% senior secured fixed-rate notes, $56 million of class C senior secured deferrable floating-rate notes at SOFR plus 385 bps, $49 million of class D senior secured deferrable floating-rate notes at SOFR plus 575 bps, $35 million of class E senior secured deferrable floating-rate notes at SOFR plus 855 bps and $98.3 million of subordinated notes.
Brightwood SPV Advisors LLC will manage the collateral through the end of the reinvestment period on April 15, 2028.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting March 28, 2026.
GreensLedge Capital Markets LLC and NatWest Markets Securities Inc. were the placement agents.
Brightwood SPV is an asset management firm owned by New York-based Brightwood Capital Advisors, LLC.
| Issuer: | Brightwood Capital MM CLO 2024-2 Ltd./Brightwood Capital MM CLO 2024-2 LLC
|
| Issue: | Floating-rate notes, floating-rate loans, fixed-rate notes and subordinated notes
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| Amount: | $707.3 million
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| Maturity: | April 15, 2036
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| Structure: | Cash flow CLO
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| Placement agents: | GreensLedge Capital Markets LLC and NatWest Markets Securities Inc.
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| Manager: | Brightwood SPV Advisors LLC
|
| Call feature: | March 28, 2026
|
| Pricing date: | March 26
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| Settlement date: | March 28
|
|
|
| Class A-1 notes
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| Amount: | $292 million
|
| Securities: | Senior secured floating-rate notes
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| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1L loans
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| Amount: | $100 million
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| Securities: | Senior secured floating-rate loans
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| Coupon: | SOFR plus 220 bps
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| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $28 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | SOFR plus 260 bps
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| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
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| Amount: | $21 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | SOFR plus 285 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-L loans
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| Amount: | $15 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 285 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
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| Amount: | $13 million
|
| Securities: | Senior secured fixed-rate notes
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| Coupon: | 6.59%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $56 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 385 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $49 million
|
| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 575 bps
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| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $35 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 855 bps
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| Rating: | S&P: BB-
|
|
|
| Subordinated notes
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| Amount: | $98.3 million
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| Securities: | Subordinated notes
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