Chicago, Jan. 4 – Sycamore Tree CLO Advisors LP sold $403.34 million in a collateralized loan obligation being issued by Sycamore Tree CLO 2021-1 Ltd./Sycamore Tree CLO 2021-1 LLC, according to a pre-sale report.
The notes will mature on Oct. 20, 2034.
The CLO consists of a $223 million of class AL senior secured floating-rate loan at Libor plus 125 basis points, $25 million of class AN senior secured floating-rate notes at Libor plus 125 bps, $28 million of class B-1 senior secured floating-rate notes at Libor plus 180 bps, $28 million of class B-2 3.28% senior secured fixed-rate notes, $22 million of class C-1 senior secured deferrable floating-rate notes at Libor plus 225 bps, $2 million of class C-2 3.68% senior secured deferrable fixed-rate notes, $24 million of class D senior secured deferrable floating-rate notes at Libor plus 365 bps, $13 million of class E senior secured deferrable floating-rate notes at Libor plus 706 bps and $38.34 million of subordinated notes.
Sycamore Tree CLO Advisors LP will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
The collateral will consist of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 20, 2023.
Citigroup Global Markets Inc. was the placement agent.
Sycamore Tree is an asset manager based in Dallas. The firm was founded in 2020.
| Issuer: | Sycamore Tree CLO 2021-1 Ltd./Sycamore Tree CLO 2021-1 LLC
|
| Issue: | Floating-rate loan, floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $403.34 million
|
| Maturity: | Oct. 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Sycamore Tree CLO Advisors LP
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | Nov. 30
|
|
|
| Class AL loan
|
| Amount: | $223 million
|
| Securities: | Senior secured floating-rate loan
|
| Coupon: | Libor plus 125 bps
|
| Rating: | S&P: AAA
|
|
|
| Class AN notes
|
| Amount: | $25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $28 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 180 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $28 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 3.28%
|
| Rating: | S&P: AA
|
|
|
| Class C-1 notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 225 bps
|
| Rating: | S&P: A
|
|
|
| Class C-2 notes
|
| Amount: | $2 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 3.68%
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 365 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $13 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 706 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $38.34 million
|
| Securities: | Subordinated notes
|
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