By Cristal Cody
Tupelo, Miss., April 12 – Elmwood Asset Management LLC priced $1,003,200,000 of notes due April 20, 2031 in the Elmwood CLO II Ltd. broadly syndicated collateralized loan obligation transaction, according to market sources.
The CLO sold $640 million of class A floating-rate notes at Libor plus 145 basis points; $118.1 million of class B floating-rate notes at Libor plus 210 bps, $43.7 million of class C floating-rate notes at Libor plus 290 bps, $60.4 million of class D floating-rate notes at Libor plus 395 bps; $55 million of class E floating-rate notes at Libor plus 680 bps and $86 million of subordinated notes.
J.P. Morgan Securities LLC was the placement agent.
The CLO has a two-year non-call period and a four-year reinvestment period.
The transaction is backed primarily by broadly syndicated first-lien senior secured loans.
The CLO manager has priced two new CLOs year to date.
Elmwood Asset Management is a New York-based hedge fund created in 2018.
| Issuer: | Elmwood CLO II Ltd.
|
| Amount: | $1,003,200,000
|
| Maturity: | April 20, 2031
|
| Securities: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Elmwood Asset Management LLC
|
| Call feature: | Two years
|
| Pricing date: | April 5
|
| Settlement date: | May 10
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Class A notes
|
| Amount: | $640 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 145 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $118.1 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 210 bps
|
| Ratings: | Non-rated
|
|
|
| Class C notes
|
| Amount: | $43.7 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 290 bps
|
| Ratings: | Non-rated
|
|
|
| Class D notes
|
| Amount: | $60.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 395 bps
|
| Ratings: | Non-rated
|
|
|
| Class E notes
|
| Amount: | $55 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 680 bps
|
| Ratings: | Non-rated
|
|
|
| Equity
|
| Amount: | $86 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
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