Chicago, Sept. 20 – Elmwood Asset Management LLC sold $400.2 million in a collateralized loan obligation being issued by Elmwood CLO 19 Ltd./Elmwood CLO 19 LLC, according to a presale report.
The notes will mature on Oct. 17, 2034.
The CLO consists of $248 million of class A senior secured floating-rate notes at SOFR plus 220 basis points, $41 million of class B-1 senior secured floating-rate notes at SOFR plus 305 bps, $15 million of class B-2 5.7% senior secured fixed-rate notes, $20 million of class C senior secured deferrable floating-rate notes at SOFR plus 390 bps, $22.2 million of class D senior secured deferrable floating-rate notes at SOFR plus 530 bps, $13 million of class E senior secured deferrable floating-rate notes at SOFR plus 855 bps, $8 million of class F senior secured deferrable floating-rate notes at SOFR plus 681 bps and $33 million of subordinated notes.
Elmwood Asset Management LLC will manage the collateral through the end of the reinvestment period on Oct. 17, 2025.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 3, 2023.
BofA Securities Inc. was the placement agent.
The hedge fund is based in New York.
| Issuer: | Elmwood CLO 19 Ltd./Elmwood CLO 19 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $400.2 million
|
| Maturity: | Oct. 17, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Elmwood Asset Management LLC
|
| Call feature: | Oct. 3, 2023
|
| Settlement date: | Oct. 3
|
|
|
| Class A notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $41 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 305 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $15 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.7%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $20 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 390 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 530 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $13 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 855 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $8 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 681 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $33 million
|
| Securities: | Subordinated notes
|
|
|
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