Chicago, March 27 – Elmwood Asset Management LLC refinanced for $1,076,250,000 the collateralized loan obligation issued by Elmwood CLO VIII Ltd./Elmwood CLO VIII LLC, according to a presale report.
The notes will mature on April 20, 2037.
The refinanced CLO consists of $672 million of class A-R senior secured floating-rate notes at SOFR plus 155 basis points, $126 million of class B-R senior secured floating-rate notes at SOFR plus 200 bps, $63 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 250 bps, $63 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 380 bps, $42 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 625 bps, $15.75 million of class F-R senior secured deferrable floating-rate notes at SOFR plus 800 bps and $94.5 million of subordinated notes.
Elmwood Asset Management LLC will manage the collateral through the end of the reinvestment period on April 20, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 20, 2026.
J.P. Morgan Securities LLC was the placement agent.
Included in the original transaction were $576 million of class A-1 senior floating-rate notes at Libor plus 124 bps, $96 million of class A-2 senior floating-rate notes at Libor plus 108 bps, $108 million of class B-1 senior floating-rate notes at Libor plus 155 bps and $18 million of class B-2 senior floating-rate notes at Libor plus 145 bps.
Lower in the stack were $54 million of class C-1 senior deferrable floating-rate notes at Libor plus 195 bps, $9 million of class C-2 senior deferrable floating-rate notes at Libor plus 180 bps, $54 million of class D-1 senior deferrable floating-rate notes at Libor plus 300 bps, $9 million of class D-2 senior deferrable floating-rate notes at Libor plus 285 bps, $31.5 million of class E-1 senior deferrable floating-rate notes at Libor plus 600 bps, $5.25 million of class E-2 senior deferrable floating-rate notes at Libor plus 575 bps, $9 million of class F-1 senior deferrable floating-rate notes at Libor plus 800 bps and $1.5 million of class F-2 senior deferrable floating-rate notes at Libor plus 800 bps.
There were also $94.5 million of subordinated notes.
The hedge fund is based in New York.
| Issuer: | Elmwood CLO VIII Ltd./Elmwood CLO VIII LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $1,076,250,000
|
| Maturity: | April 20, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Elmwood Asset Management LLC
|
| Call feature: | April 20, 2026
|
| Pricing date: | March 19
|
| Settlement date: | March 22
|
|
|
| Class A-R notes
|
| Amount: | $672 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 155 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $126 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $63 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $63 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 380 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $42 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 625 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | $15.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 800 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $94.5 million
|
| Securities: | Subordinated notes
|
|
|
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