Chicago, March 28 – Elmwood RR CLO LLC sold $405.6 million in a collateralized loan obligation being issued by Elmwood CLO 15 Ltd./Elmwood CLO 15 LLC, according to a pre-sale report.
The notes will mature on April 22, 2035.
The CLO consists of $2.4 million of class X floating-rate notes at SOFR plus 80 basis points, $248 million of class A-1 floating-rate notes at SOFR plus 134 bps, $8 million of class A-2 floating-rate notes at SOFR plus 160 bps, $48 million of class B floating-rate notes at SOFR plus 185 bps, $24 million of class C floating-rate notes at SOFR plus 230 bps, $23 million of class D floating-rate notes at SOFR plus 367 bps, $17 million of class E floating-rate notes at SOFR plus 725 bps and $35.2 million of subordinated notes.
Elmwood RR CLO LLC will manage the collateral through the end of the reinvestment period on April 22, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 30, 2024.
Citigroup Global Markets Inc. was the placement agent.
The hedge fund is based in New York.
| Issuer: | Elmwood CLO 15 Ltd./Elmwood CLO 15 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $405.6 million
|
| Maturity: | April 22, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Elmwood RR CLO LLC
|
| Call feature: | March 30, 2024
|
| Settlement date: | March 30
|
|
|
| Class X notes
|
| Amount: | $2.4 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 80 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1 notes
|
| Amount: | $248 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 134 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $8 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 160 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $23 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 367 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 725 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $35.2 million
|
| Securities: | Subordinated notes
|
|
|
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