By Cristal Cody
Tupelo, Miss. Dec. 11 – Elmwood Asset Management LLC priced $501.5 million of notes due Jan. 17, 2034 in a new broadly syndicated collateralized loan obligation transaction, according to market sources.
Elmwood CLO VII Ltd. sold $300 million of class A floating-rate notes at Libor plus 139 basis points and $80 million of class B floating-rate notes at Libor plus 170 bps.
The CLO also priced $30 million of class C deferrable floating-rate notes at Libor plus 225 bps, $28.75 million of class D deferrable floating-rate notes at Libor plus 360 bps, $16.25 million of class E deferrable floating-rate notes at Libor plus 710 bps, $7.5 million of class F deferrable floating-rate notes at Libor plus 801 bps and $39 million of subordinated notes.
RBC Capital Markets LLC was the placement agent.
The CLO has a two-year non-call period and a five-year reinvestment period.
The transaction is backed primarily by broadly syndicated first-lien senior secured loans, cash and eligible investments.
Elwood Asset Management has priced four new CLOs in 2020.
The hedge fund is based in New York.
Issuer: | Elmwood CLO VII Ltd.
|
Amount: | $501.5 million
|
Maturity: | Jan. 17, 2034
|
Securities: | Floating-rate and subordinated notes
|
Structure: | Cash flow CLO
|
Placement agent: | RBC Capital Markets LLC
|
Manager: | Elmwood Asset Management LLC
|
Call feature: | Two years
|
Pricing date: | Nov. 24
|
Settlement date: | Dec. 17
|
|
Class A notes
|
Amount: | $300 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 139 bps
|
Ratings: | S&P: AAA
|
|
Class B notes
|
Amount: | $80 million
|
Securities: | Floating-rate notes
|
Coupon: | Libor plus 170 bps
|
Ratings: | S&P: AA
|
|
Class C notes
|
Amount: | $30 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 225 bps
|
Ratings: | S&P: A
|
|
Class D notes
|
Amount: | $28.75 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 360 bps
|
Ratings: | S&P: BBB-
|
|
Class E notes
|
Amount: | $16.25 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 710 bps
|
Ratings: | S&P: BB-
|
|
Class F notes
|
Amount: | $7.5 million
|
Securities: | Deferrable floating-rate notes
|
Coupon: | Libor plus 801 bps
|
Ratings: | S&P: B-
|
|
Equity
|
Amount: | $39 million
|
Securities: | Subordinated notes
|
Ratings: | Non-rated
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.