Chicago, April 29 – 1988 Asset Management LLC sold $407.84 million in a collateralized loan obligation being issued by 1988 CLO 4 Ltd./1988 CLO 4 LLC, according to a presale report.
The notes will mature on April 15, 2037.
The CLO consists of $252 million of class A-1 senior secured floating-rate notes at SOFR plus 164 basis points, $12 million of class A-2 senior secured floating-rate notes at SOFR plus 184 bps, $40 million of class B senior secured floating-rate notes at SOFR plus 210 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 260 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 425 bps, $14 million of class E senior secured deferrable floating-rate notes at SOFR plus 682 bps and $41.84 million of subordinated notes.
1988 Asset Management LLC will manage the collateral through the end of the reinvestment period on May 21, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 15, 2026.
Citigroup Global Markets Inc. was the placement agent.
1988 Asset Management is based in New York.
| Issuer: | 1988 CLO 4 Ltd./1988 CLO 4 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $407.84 million
|
| Maturity: | April 15, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | 1988 Asset Management LLC
|
| Call feature: | April 15, 2026
|
| Pricing date: | April 25
|
| Settlement date: | May 21
|
|
|
| Class A-1 notes
|
| Amount: | $252 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 164 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 184 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $40 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 425 bps
|
| Rating: | S&P: BBB+
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 682 bps
|
| Rating: | S&P: BB+
|
|
|
| Subordinated notes
|
| Amount: | $41.84 million
|
| Securities: | Subordinated notes
|
|
|
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