Chicago, April 14 – Elmwood Asset Management LLC sold $1.02 billion of notes in a reset of the vintage Elmwood CLO II Ltd. broadly syndicated collateralized loan obligation transaction, according to a pre-sale report.
The portfolio which now has an April 20, 2034 maturity date was due April 20, 2031.
The CLO has $640 million of class A-R senior secured floating-rate notes at Libor plus 115 basis points, $120 million of class B-R senior secured floating-rate notes at Libor plus 165 bps, $60 million of class C-R senior secured deferrable floating-rate notes at Libor plus 200 bps, $60 million of class D-R senior secured deferrable floating-rate notes at Libor plus 300 bps, $40 million of class E-R senior secured deferrable floating-rate notes at Libor plus 680 bps, $10 million of class F-R senior secured deferrable floating-rate notes at Libor plus 800 bps and
$86 million of subordinated notes.
Originally, the CLO sold $640 million of class A floating-rate notes at Libor plus 145 bps; $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 is the placement agent.
Elmwood Asset Management is still the collateral manager through the end of the reinvestment period on April 20, 2026.
The notes cannot be called until April 20, 2023.
Most of the collateral comes from senior secured loans, cash and eligible investments.
Elmwood Asset Management is a New York-based hedge fund created in 2018. The hedge fund is primarily owned by Elliot Investment Management LP.
| Issuer: | Elmwood CLO II Ltd.
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $1,016,000,000
|
| Maturity: | April 20, 2034
|
| Agent: | J.P. Morgan Securities LLC
|
| Manager: | Elmwood Asset Management LLC
|
| Call: | April 20, 2023
|
| Announcement date: | April 13
|
| Settlement date: | April 20
|
|
|
| Class A-R notes
|
| Amount: | $640 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $120 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $60 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $60 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 300 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $40 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 680 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R notes
|
| Amount: | $10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 800 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $86 million
|
| Securities: | Subordinated notes
|
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