Chicago, Aug. 20 – Elmwood Asset Management LLC refinanced and extended for $396.4 million the collateralized loan obligation issued by Elmwood CLO V Ltd./Elmwood CLO V LLC, according to a pre-sale report.
The notes will now mature on Oct. 20, 2034.
The refinanced CLO consists of $256 million of class A-R senior secured floating-rate notes at Libor plus 115 basis points, $48 million of class B-R senior secured floating-rate notes at Libor plus 165 bps, $24 million of class C-R senior secured deferrable floating-rate notes at Libor plus 200 bps, $24 million of class D-R senior secured deferrable floating-rate notes at Libor plus 310 bps, $14 million of class E-R senior secured deferrable floating-rate notes at Libor plus 610 bps and $30.4 million of subordinated notes.
Originally, Elmwood sold $239.5 million of class A-1 floating-rate notes at Libor plus 175 bps, $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 originally 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.
Elmwood Asset Management LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
The notes can be called starting Aug. 2, 2023.
RBC Capital Markets LLC was the placement agent.
The New York-based hedge fund was created in 2018.
| Issuer: | Elmwood CLO V Ltd./Elmwood CLO V LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $396.4 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets LLC
|
| Manager: | Elmwood Asset Management LLC
|
| Call feature: | Aug. 2, 2023
|
| Settlement date: | Aug. 2
|
|
|
| Class A-R notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 200 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 310 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 610 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $30.4 million
|
| Securities: | Subordinated notes
|
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