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Published on 7/13/2018 in the Prospect News CLO Daily.

New Issue: Palmer Square Capital prices $508.35 million notes in new CLO deal

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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