Chicago, Sept. 24 – Elmwood Asset Management LLC sold $501 million in a collateralized loan obligation being issued by Elmwood CLO XI Ltd./Elmwood CLO XI LLC, according to a pre-sale report.
The notes will mature on Oct. 20, 2034.
The CLO consists of $320 million of class A senior secured floating-rate notes at Libor plus 116 basis points, $60 million of class B senior secured floating-rate notes at Libor plus 160 bps, $30 million of class C senior secured deferrable floating-rate notes at Libor plus 195 bps, $30 million of class D senior secured deferrable floating-rate notes at Libor plus 295 bps, $18 million of class E senior secured deferrable floating-rate notes at Libor plus 600 bps and $43 million of subordinated notes.
Elmwood Asset Management LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
The collateral will be broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 20, 2023.
RBC Capital Markets LLC was the placement agent.
The hedge fund issuer is based in New York.
| Issuer: | Elmwood CLO XI Ltd./Elmwood CLO XI LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $501 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets LLC
|
| Manager: | Elmwood Asset Management LLC
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | Sept. 29
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 116 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 160 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $18 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 600 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $43 million
|
| Securities: | Subordinated notes
|
|
|
|
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