Chicago, May 10 – Centerbridge Credit Funding Advisors, LLC sold $401 million in a collateralized loan obligation issued by Park Blue CLO 2023-III, Ltd., according to multiple press releases.
The notes will mature on April 20, 2036.
The CLO consists of $256 million of class A-1 senior secured floating-rate notes at SOFR plus 200 basis points, $8 million of class A-2 senior secured floating-rate notes at SOFR plus 220 bps, $33 million of class B-1 senior secured floating-rate notes at SOFR plus 260 bps, $5 million of class B-2 6.32% senior secured fixed-rate notes, $20 million of class C deferrable mezzanine floating-rate notes at SOFR plus 315 bps, $23.4 million of class D deferrable mezzanine floating-rate notes at SOFR plus 540 bps, $13.6 million of class E deferrable mezzanine floating-rate notes at SOFR plus 780 bps, $1 million of class F deferrable mezzanine floating-rate notes at SOFR plus 716 bps and $41 million of subordinated notes.
Centerbridge Credit Funding Advisors, LLC will manage the collateral through the end of the reinvestment period on April 20, 2028.
Collateral for the notes consists of first-lien senior secured loans.
The notes can be called starting April 14, 2025.
Centerbridge is a New York-based investment management firm.
| Issuer: | Park Blue CLO 2023-III, Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $401 million
|
| Maturity: | April 20, 2036
|
| Structure: | Cash flow CLO
|
| Manager: | Centerbridge Credit Funding Advisors, LLC
|
| Call feature: | April 14, 2025
|
| Settlement date: | April 12
|
|
|
| Class A-1 notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $33 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | $5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.32%
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $20 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 315 bps
|
| Rating: | Fitch: A+
|
|
|
| Class D notes
|
| Amount: | $23.4 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 540 bps
|
| Rating: | Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | $13.6 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 780 bps
|
| Rating: | Fitch: BB+
|
|
|
| Class F notes
|
| Amount: | $1 million
|
| Securities: | Deferrable mezzanine floating-rate notes
|
| Coupon: | SOFR plus 716 bps
|
| Rating: | Moody's: B3
|
|
|
| subordinated notes
|
| Amount: | $41 million
|
| Securities: | Subordinated notes
|
|
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