Chicago, Aug. 9 – Elmwood Asset Management LLC sold $459.6 million in a collateralized loan obligation being issued by Elmwood CLO IX Ltd./Elmwood CLO IX LLC, according to a pre-sale report.
The notes will mature on July 20, 2034.
The CLO consists of $142 million of a class A-L senior secured floating-rate loan at Libor plus 113 basis points, $141.5 million of class A-L senior secured floating-rate notes at Libor plus 113 bps, $58.5 million of class B senior secured floating-rate notes at Libor plus 155 bps, $27 million of class C senior secured deferrable floating-rate notes at Libor plus 190 bps, $27 million of class D senior secured deferrable floating-rate notes at Libor plus 295 bps, $18 million of class E senior secured deferrable floating-rate notes at Libor plus 595 bps and $45.6 million of subordinated notes.
The loan can be converted into notes.
Elmwood Asset Management LLC will manage the collateral through the end of the reinvestment period on July 20, 2026.
The notes can be called starting July 8, 2023.
BofA Securities Inc. was the placement agent.
The hedge fund issuer is based in New York.
| Issuers: | Elmwood CLO IX Ltd./Elmwood CLO IX LLC
|
| Issue: | Floating-rate loan, floating-rate notes and subordinated notes
|
| Amount: | $459.6 million
|
| Maturity: | July 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Elmwood Asset Management LLC
|
| Call feature: | July 8, 2023
|
| Settlement date: | July 8
|
|
|
| Class A-L loan
|
| Amount: | $142 million
|
| Securities: | Senior secured floating-rate loan
|
| Coupon: | Libor plus 113 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-L notes
|
| Amount: | $141.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 113 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $58.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 155 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 595 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $45.6 million
|
| Securities: | Subordinated notes
|
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