Chicago, March 22 – Palmer Square Capital Management LLC has priced $552.67 million of notes in a new Palmer Square CLO 2021-2, Ltd./Palmer Square CLO 2021-2, LLC transaction, according to a pre-sale report.
The notes, due July 2034, are broken down into $352 million of class A floating-rate notes at Libor plus 115 basis points, $66 million of class B floating-rate notes at Libor plus 165 bps, $28.75 million of class C floating-rate notes at Libor plus 180 bps, $34.5 million of class D floating-rate notes at Libor plus 290 bps, $24.75 million of class E floating-rate notes at Libor plus 635 bps and $11 million of class F floating-rate notes at Libor plus 820 bps.
There are also $35.665 million of subordinated notes.
Wells Fargo Securities LLC is underwriting the transaction.
The CLO will be managed by Palmer Square Capital Management.
The notes can be called starting in May 2023.
Palmer Square Capital is an investment management firm based in Leawood, Kan.
| Issuers: | Palmer Square CLO 2021-2, Ltd./Palmer Square CLO 2021-2, LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $552,665,000
|
| Maturity: | May 2029
|
| Agent: | Wells Fargo Securities LLC
|
| Manager: | Palmer Square Capital Management LLC
|
| Call: | May 2023
|
| Settlement date: | May 2021
|
|
|
| Class A notes
|
| Amount: | $352 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $66 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $28.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $34.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | $24.75 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 635 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
|
| Amount: | $11 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 820 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $35.665 million
|
| Securities: | Subordinated notes
|
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