Chicago, Jan. 7 – Elmwood Asset Management LLC sold $610 million in a collateralized loan obligation being issued by Elmwood CLO XII Ltd./Elmwood CLO XII LLC, according to a pre-sale report.
The notes will mature on Jan. 20, 2035.
The CLO consists of $279 million of class A-L senior secured floating-rate loans at Libor plus 115 basis points, $93 million of class A senior secured floating-rate notes at Libor plus 115 bps, $84 million of class B senior secured floating-rate notes at Libor plus 170 bps, $36 million of class C senior secured deferrable floating-rate notes at Libor plus 205 bps, $36 million of class D senior secured deferrable floating-rate notes at Libor plus 305 bps, $24 million of class E senior secured deferrable floating-rate notes at Libor plus 635 bps, $9 million of class F senior secured deferrable floating-rate notes at Libor plus 828 bps and $49 million of subordinated notes.
Elmwood Asset Management LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2026.
The CLO is collateralized by senior secured loans, cash and eligible investments with most borrowers based in the United States or Canada.
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 XII Ltd./Elmwood CLO XII LLC
|
| Issue: | Floating-rate loans, floating-rate notes and subordinated notes
|
| Amount: | $610 million
|
| Maturity: | Jan. 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets LLC
|
| Manager: | Elmwood Asset Management LLC
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | Dec. 1
|
|
|
| Class A-L loans
|
| Amount: | $279 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $93 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $84 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 170 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 205 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 305 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 635 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $9 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 828 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $49 million
|
| Securities: | Subordinated notes
|
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