By Cristal Cody
Tupelo, Miss. Oct. 7 – Elmwood Asset Management LLC priced a $452.5 million broadly syndicated collateralized loan obligation transaction, according to market sources.
Elmwood CLO VI Ltd. sold $283.5 million of class A floating-rate notes at Libor plus 132 basis points, $45 million of class B-1 floating-rate notes at Libor plus 170 bps and $13.5 million of 2.11% class B-2 fixed-rate notes.
The CLO also priced $25.8 million of class C deferrable floating-rate notes at Libor plus 235 bps, $24.8 million of class D deferrable floating-rate notes at Libor plus 365 bps, $18 million of class E deferrable floating-rate notes at Libor plus 760 bps and $41.9 million of subordinated notes.
Credit Suisse Securities (USA) LLC was the placement agent.
The notes are due Oct. 15, 2031, and the CLO has a one-year non-call period and a three-year reinvestment period.
The transaction is backed primarily by broadly syndicated first-lien senior secured loans.
Elwood Asset Management has priced three new CLOs year to date.
The hedge fund is based in New York.
| Issuer: | Elmwood CLO VI Ltd.
|
| Amount: | $452.5 million
|
| Maturity: | Oct. 15, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Credit Suisse Securities (USA) LLC
|
| Manager: | Elmwood Asset Management LLC
|
| Call feature: | One year
|
| Pricing date: | Sept. 22
|
| Settlement date: | Oct. 15
|
|
|
| Class A notes
|
| Amount: | $283.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 132 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $45 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Ratings: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $13.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.11%
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $25.8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 235 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24.8 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Ratings: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 760 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $41.9 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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