Chicago, April 20 – Elmwood Asset Management sold $750.03 million in a collateralized loan obligation being issued by Elmwood CLO 16 Ltd./Elmwood CLO 16 LLC, according to a presale report.
The notes will mature on April 20, 2034.
The CLO consists of $480 million of class A senior secured floating-rate notes at SOFR plus 141 basis points, $90 million of class B senior secured floating-rate notes at SOFR plus 195 bps, $45 million of class C senior secured deferrable floating-rate notes at SOFR plus 245 bps, $45 million of class D senior secured deferrable floating-rate notes at SOFR plus 360 bps, $28.88 million of class E senior secured deferrable floating-rate notes at SOFR plus 722 bps and $61.15 million of subordinated notes.
Elmwood Asset Management will manage the collateral through the end of the reinvestment period on April 20, 2025.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 20, 2023.
J.P. Morgan Securities LLC was the placement agent.
The hedge fund is based in New York.
| Issuer: | Elmwood CLO 16 Ltd./Elmwood CLO 16 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $750.03 million
|
| Maturity: | April 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Elmwood Asset Management
|
| Call feature: | April 20, 2023
|
| Settlement date: | May 3
|
|
|
| Class A notes
|
| Amount: | $480 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 141 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $90 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 195 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $45 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | S&P: A+
|
|
|
| Class D notes
|
| Amount: | $45 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 360 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $28.88 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 722 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $61.15 million
|
| Securities: | Subordinated notes
|
|
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