Chicago, Aug. 22 – Elmwood Asset Management LLC refinanced for $403 million the collateralized loan obligation issued by Elmwood CLO 19 Ltd./Elmwood CLO 19 LLC, according to a presale report.
The notes will mature on Oct. 17, 2036.
The refinanced CLO consists of $252 million of class AR senior secured floating-rate notes at SOFR plus 170 basis points, $52 million of class BR senior secured floating-rate notes at SOFR plus 240 bps, $24 million of class CR senior secured deferrable floating-rate notes at SOFR plus 290 bps, $22 million of class DR senior secured deferrable floating-rate notes at SOFR plus 415 bps, $14 million of class ER senior secured deferrable floating-rate notes at SOFR plus 700 bps, $6 million of class FR senior secured deferrable floating-rate notes at SOFR plus 750 bps and $33 million of subordinated notes.
The original CLO consisted of $248 million of class A senior secured floating-rate notes at SOFR plus 220 basis points, $41 million of class B-1 senior secured floating-rate notes at SOFR plus 305 bps, $15 million of class B-2 5.7% senior secured fixed-rate notes, $20 million of class C senior secured deferrable floating-rate notes at SOFR plus 390 bps, $22.2 million of class D senior secured deferrable floating-rate notes at SOFR plus 530 bps, $13 million of class E senior secured deferrable floating-rate notes at SOFR plus 855 bps, $8 million of class F senior secured deferrable floating-rate notes at SOFR plus 681 bps and $33 million of subordinated notes.
Elmwood Asset Management LLC will manage the collateral through the end of the reinvestment period on Oct. 17, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 4, 2025.
BofA Securities Inc. was the placement agent, as it was in the original CLO.
The hedge fund is based in New York.
| Issuer: | Elmwood CLO 19 Ltd./Elmwood CLO 19 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $403 million
|
| Maturity: | Oct. 17, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Elmwood Asset Management LLC
|
| Call feature: | Oct. 4, 2025
|
| Pricing date: | Aug. 18
|
| Settlement date: | Oct. 4
|
|
|
| Class AR notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 170 bps
|
| Rating: | S&P: AAA
|
|
|
| Class BR notes
|
| Amount: | $52 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | S&P: AA
|
|
|
| Class CR notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | S&P: A
|
|
|
| Class DR notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 415 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class ER notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 700 bps
|
| Rating: | S&P: BB-
|
|
|
| Class FR notes
|
| Amount: | $6 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 750 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $33 million
|
| Securities: | Subordinated notes
|
|
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