By Cristal Cody
Tupelo, Miss. July 14 – Elmwood Asset Management LLC priced $392.4 million of notes due July 24, 2031 in a new broadly syndicated collateralized loan obligation transaction, according to market sources.
Elmwood CLO V Ltd. sold $239.5 million of class A-1 floating-rate notes at Libor plus 175 basis points, $12.5 million of 2.075% class A-2 fixed-rate notes and $49 million of class B floating-rate notes at Libor plus 220 bps.
The CLO also priced $28 million of class C deferrable floating-rate notes at Libor plus 275 bps, $20 million of class D deferrable floating-rate notes at Libor plus 400 bps, $13 million of class E deferrable floating-rate notes at Libor plus 706 bps and $30.4 million of subordinated notes.
RBC Capital Markets LLC 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 has priced two new CLOs year to date.
The New York-based hedge fund was created in 2018.
| Issuer: | Elmwood CLO V Ltd.
|
| Amount: | $392.4 million
|
| Maturity: | July 24, 2031
|
| Securities: | Fixed-rate, floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets LLC
|
| Manager: | Elmwood Asset Management LLC
|
| Call feature: | One year
|
| Settlement date: | July 17
|
|
|
| Class A-1 notes
|
| Amount: | $239.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 175 bps
|
| Ratings: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $12.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 2.075%
|
| Ratings: | S&P: AAA
|
|
|
| Class B notes
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| Amount: | $49 million
|
| Securities: | Floating-rate notes
|
| Coupon: | Libor plus 220 bps
|
| Ratings: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $28 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | Libor plus 275 bps
|
| Ratings: | S&P: A
|
|
|
| Class D notes
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| Amount: | $20 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 400 bps
|
| Ratings: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $13 million
|
| Securities: | Deferrable floating-rate notes
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| Coupon: | Libor plus 706 bps
|
| Ratings: | S&P: BB-
|
|
|
| Equity
|
| Amount: | $30.4 million
|
| Securities: | Subordinated notes
|
| Ratings: | Non-rated
|
|
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