Chicago, Feb. 15 – Western Asset Management Co. LLC refinanced for $357 million the collateralized loan obligation issued by Crown City CLO II Ltd./Crown City CLO II LLC, according to a pre-sale report.
The notes will now mature on April 20, 2035.
The refinanced CLO consists of $213.5 million of class A-1A-R senior secured floating-rate notes at SOFR plus 134 basis points, $7 million of class A-1B-R senior secured floating-rate notes at SOFR plus 160 bps, $45.5 million of class A-2-R senior secured floating-rate notes at SOFR plus 187 bps, $21 million of class B-R senior secured deferrable floating-rate notes at SOFR plus 215 bps, $21 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 335 bps, $14 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 711 bps and $35 million of subordinated notes.
The original transaction had $2 million of class X floating-rate notes at Libor plus 75 bps, $210 million of class A-1a floating-rate notes at Libor plus 138 bps, $17.5 million of class A-1b floating-rate notes at Libor plus 160 bps and $38.5 million of class A-2 floating-rate notes at Libor plus 175 bps.
The CLO also priced $10 million of class B-1 deferrable floating-rate notes at Libor plus 250 bps, $11 million of class B-2 deferrable fixed-rate notes with a 3.177% coupon, $21 million of class C deferrable floating-rate notes at Libor plus 382 bps, $10.5 million of Class D deferrable floating-rate notes at Libor plus 717 bps and $34.55 million of subordinated notes.
Western Asset Management Co. LLC will manage the collateral through the end of the reinvestment period on April 20, 2027.
The collateral pool will be composed of a pool of broadly syndicated senior secured term loans.
The notes can be called starting April 20, 2024.
Citigroup Global Markets Inc. was the placement agent.
The fixed-income investment firm is based in Pasadena, Calif.
| Issuer: | Crown City CLO II Ltd./Crown City CLO II LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $357 million
|
| Maturity: | April 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Western Asset Management Co. LLC
|
| Call feature: | April 20, 2024
|
| Settlement date: | Feb. 15
|
|
|
| Class A-1A-R notes
|
| Amount: | $213.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 134 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1B-R notes
|
| Amount: | $7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 160 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
|
| Amount: | $45.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 187 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
|
| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 215 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R notes
|
| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 335 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-R notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 711 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $35 million
|
| Securities: | Subordinated notes
|
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