By Cristal Cody
Tupelo, Miss., Feb. 25 – Elmwood Asset Management LLC priced $499.4 million of notes due April 20, 2030 in the Elmwood CLO I Ltd. broadly syndicated collateralized loan obligation transaction, according to a market source.
The CLO sold $330 million of class A floating-rate notes at Libor plus 135 basis points; $52.5 million of class B floating-rate notes at Libor plus 190 bps, $22 million of class C floating-rate notes at Libor plus 270 bps, $30.5 million of class D floating-rate notes at Libor plus 380 bps; $24.25 million of class E floating-rate notes at Libor plus 710 bps and $40.15 million of subordinated notes.
Citigroup Global Markets Inc. was the placement agent.
The CLO has a one-year non-call period and a three-year reinvestment period.
The transaction is backed primarily by broadly syndicated first-lien senior secured loans.
Elwood Asset Management is a New York-based hedge fund created in 2018.
| Issuer: | Elmwood CLO I Ltd.
|
| Amount: | $499.4 million
|
| Maturity: | April 20, 2030
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Elmwood Asset Management LLC
|
| Call feature: | One year
|
| Pricing date: | Feb. 14
|
| Settlement date: | March 21
|
| Distribution: | Rule 144A
|
|
|
| Class A notes
|
| Amount: | $330 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 135 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $52.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 190 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $22 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 270 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $30.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 380 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $24.25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 710 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $40.15 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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