By Cristal Cody
Tupelo, Miss., July 13 – Palmer Square Capital Management LLC priced $508.35 million of notes due July 16, 2031 in the Palmer Square CLO 2018-2 Ltd./Palmer Square CLO 2018-2, LLC transaction, according to a market source.
The CLO sold $311 million of class A-1a floating-rate notes at Libor plus 110 basis points.
The deal also included $9 million of class A-1b floating-rate notes; $60 million of class A-2 floating-rate notes; $30 million of class B floating-rate notes; $25 million of class C floating-rate notes; $23.5 million of class D floating-rate notes; $8.25 million of class E floating-rate notes and $41.6 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
Palmer Square Capital Management will manage the CLO.
The CLO has a non-call period that ends April 16, 2020 and a reinvestment period that ends April 16, 2023.
The deal is backed primarily by broadly syndicated first lien senior secured loans.
Palmer Square Capital is an investment management firm based in Leawood, Kan.
| Issuer: | Palmer Square CLO 2018-2 Ltd./Palmer Square CLO 2018-2, LLC
|
| Amount: | $508.35 million
|
| Maturity: | July 16, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Palmer Square Capital Management LLC
|
| Call feature: | April 16, 2020
|
| Settlement date: | June 15
|
| Settlement date: | July 19
|
|
|
| Class A-1a notes
|
| Amount: | $311 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 110 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-1b notes
|
| Amount: | $9 million
|
| Securities: | Floating-rate notes
|
| Ratings: | S&P: Non-rated
|
|
|
| Class A-2 notes
|
| Amount: | $60 million
|
| Securities: | Floating-rate notes
|
| Ratings: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $30 million
|
| Securities: | Floating-rate notes
|
| Ratings: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Ratings: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $23.5 million
|
| Securities: | Floating-rate notes
|
| Ratings: | S&P: BB-
|
|
|
| Class E notes
|
| Amount: | $8.25 million
|
| Securities: | Floating-rate notes
|
| Ratings: | S&P: B-
|
|
|
| Equity
|
| Amount: | $41.6 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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