By Cristal Cody
Tupelo, Miss. Oct. 19 – Elmwood Asset Management LLC priced $463.75 million of notes in a refinancing and reset of a vintage 2019 broadly syndicated collateralized loan obligation last week, according to market sources.
Elmwood CLO I Ltd. sold $300 million of class A-R floating-rate notes at Libor plus 145 basis points, $10 million of class A-2-R floating-rate notes at Libor plus 170 bps and $70 million of class B-R floating-rate notes at Libor plus 195 bps.
The CLO priced $30 million of class C-R deferrable floating-rate notes at Libor plus 270 bps, $30 million of class D-R deferrable floating-rate notes at Libor plus 440 bps; $16.25 million of class E-R deferrable floating-rate notes at Libor plus 771 bps and $7.5 million of class F-R deferrable floating-rate notes at Libor plus 898 bps.
The refinancing includes the original $40.15 million equity tranche of subordinated notes.
Citigroup Global Markets Inc. was the refinancing agent.
In the original $499.4 million transaction issued March 21, 2019, the CLO priced $330 million of class A floating-rate notes at Libor plus 135 bps, $52.5 million of class B floating-rate notes at Libor plus 190 bps, $22 million of class C floating-rate notes at Libor plus 270 bps, $30.5 million of class D floating-rate notes at Libor plus 380 bps, $24.25 million of class E floating-rate notes at Libor plus 710 bps and $40.15 million of subordinated notes.
The maturity on the notes will be extended to Oct. 20, 2033 from the original April 20, 2030 maturity.
The refinanced notes have an extended two-year non-call period and a five-year reinvestment period.
Proceeds will be used to redeem the original notes.
The CLO is backed primarily by broadly syndicated first-lien senior secured loans.
Elwood Asset Management is a New York-based hedge fund created in 2018.
| Issuer: | Elmwood CLO I Ltd.
|
| Amount: | $463.75 million refinancing
|
| Maturity: | Oct. 20, 2033
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Refinancing agent: | Citigroup Global Markets Inc.
|
| Manager: | Elmwood Asset Management LLC
|
| Call feature: | Two years
|
| Settlement date: | Oct. 20
|
| Distribution: | Rule 144A
|
|
|
| Class A-R notes
|
| Amount: | $300 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $10 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | S&P: Non-rated
|
|
|
| Class B-R notes
|
| Amount: | $70 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Ratings: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $30 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 440 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $16.25 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 771 bps
|
| Ratings: | S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | $7.5 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 898 bps
|
| Ratings: | S&P: B-
|
|
|
| Equity
|
| Amount: | $40.15 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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