Chicago, May 24 – Marathon Asset Management, LP sold $399 million in a collateralized loan obligation being issued by Bryant Park Funding 2023-20 Ltd./Bryant Park Funding 2023-20 LLC, according to a presale report.
The notes will mature on July 15, 2036.
The CLO consists of $246 million of class A-1 senior secured floating-rate notes at SOFR plus 225 basis points, $10 million of class A-2 senior secured floating-rate notes at SOFR plus 255 bps, $48 million of class B senior secured floating-rate notes at SOFR plus 290 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 390 bps, $22 million of class D senior secured deferrable floating-rate notes at SOFR plus 609 bps, $12.5 million of class E senior secured deferrable floating-rate notes at SOFR plus 863 bps and $36.5 million of subordinated notes.
Marathon Asset Management, LP will manage the collateral through the end of the reinvestment period on July 15, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting May 31, 2025.
Citigroup Global Markets Inc. was the placement agent.
Marathon Asset Management is a global credit manager based in New York City.
| Issuer: | Bryant Park Funding 2023-20 Ltd./Bryant Park Funding 2023-20 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $399 million
|
| Maturity: | July 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Marathon Asset Management, LP
|
| Call feature: | May 31, 2025
|
| Settlement date: | May 31
|
|
|
| Class A-1 notes
|
| Amount: | $246 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $10 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 255 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 390 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
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| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 609 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 863 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $36.5 million
|
| Securities: | Subordinated notes
|
|
|
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