Chicago, Oct. 20 – Elmwood Asset Management LLC priced $450 million in a collateralized loan obligation being issued by Elmwood CLO 20 Ltd./Elmwood CLO 20 LLC, according to a presale report.
The notes will mature on Oct. 17, 2034.
The CLO consists of $283.5 million of class A senior secured floating-rate notes at SOFR plus 200 basis points, $47.25 million of class B-1 senior secured floating-rate notes at SOFR plus 275 bps, $11.25 million of class B-2 6.05% senior secured fixed-rate notes, $27 million of class C senior secured deferrable floating-rate notes at SOFR plus 385 bps, $24.3 million of class D senior secured deferrable floating-rate notes at SOFR plus 510 bps, $14.85 million of class E senior secured deferrable floating-rate notes at SOFR plus 855 bps, $5.85 million of class F senior secured deferrable floating-rate notes at SOFR plus 855 bps and $36 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 speculative-grade senior secured term loans.
The notes can be called starting Oct. 17, 2023.
RBC Capital Markets LLC was the placement agent.
The hedge fund is based in New York.
Issuer: | Elmwood CLO 20 Ltd./Elmwood CLO 20 LLC
|
Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
Amount: | $450 million
|
Maturity: | Oct. 17, 2034
|
Structure: | Cash flow CLO
|
Placement agent: | RBC Capital Markets LLC
|
Manager: | Elmwood Asset Management LLC
|
Call feature: | Oct. 17, 2023
|
Settlement date: | Oct. 31
|
|
Class A notes
|
Amount: | $283.5 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | SOFR plus 200 bps
|
Rating: | S&P: AAA
|
|
Class B-1 notes
|
Amount: | $47.25 million
|
Securities: | Senior secured floating-rate notes
|
Coupon: | SOFR plus 275 bps
|
Rating: | S&P: AA
|
|
Class B-2 notes
|
Amount: | $11.25 million
|
Securities: | Senior secured fixed-rate notes
|
Coupon: | 6.05%
|
Rating: | S&P: AA
|
|
Class C notes
|
Amount: | $27 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | SOFR plus 385 bps
|
Rating: | S&P: A
|
|
Class D notes
|
Amount: | $24.3 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | SOFR plus 510 bps
|
Rating: | S&P: BBB-
|
|
Class E notes
|
Amount: | $14.85 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | SOFR plus 855 bps
|
Rating: | S&P: BB-
|
|
Class F notes
|
Amount: | $5.85 million
|
Securities: | Senior secured deferrable floating-rate notes
|
Coupon: | SOFR plus 855 bps
|
Rating: | S&P: B-
|
|
Subordinated notes
|
Amount: | $36 million
|
Securities: | Subordinated notes
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.