Chicago, March 28 – Elmwood Asset Management LLC sold $401.8 million in a collateralized loan obligation being issued by Elmwood CLO 22 Ltd./Elmwood CLO 22 LLC, according to a presale report.
The notes will mature on April 17, 2036.
The CLO consists of $256 million of class A senior secured floating-rate notes at SOFR plus 180 basis points, $48 million of class B senior secured floating-rate notes at SOFR plus 220 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 300 bps, $21 million of class D senior secured deferrable floating-rate notes at SOFR plus 400 bps, $13 million of class E senior secured deferrable floating-rate notes at SOFR plus 765 bps, $7 million of class F senior secured deferrable floating-rate notes at SOFR plus 650 bps and $32.8 million of subordinated notes.
Elmwood Asset Management LLC will manage the collateral through the end of the reinvestment period on April 17, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 29, 2025.
Citigroup Global Markets Inc. was the placement agent.
The hedge fund is based in New York.
| Issuer: | Elmwood CLO 22 Ltd./Elmwood CLO 22 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $401.8 million
|
| Maturity: | April 17, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Elmwood Asset Management LLC
|
| Call feature: | March 29, 2025
|
| Settlement date: | March 29
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 400 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $13 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 765 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 650 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $32.8 million
|
| Securities: | Subordinated notes
|
|
|
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