Chicago, Feb. 7 – Sycamore Tree CLO Advisors LP sold $404.47 million in a collateralized loan obligation being issued by Sycamore Tree CLO 2023-2 Ltd./Sycamore Tree CLO 2023-2 LLC, according to a presale report.
The notes will mature on April 20, 2035.
The CLO consists of $247 million of class A senior secured floating-rate notes at SOFR plus 233 basis points, $53 million of class B senior secured floating-rate notes at SOFR plus 330 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 420 bps, $22 million of class D senior secured deferrable floating-rate notes at SOFR plus 612 bps, $14 million of class E senior secured deferrable floating-rate notes at SOFR plus 894 bps and $44.47 million of subordinated notes.
Sycamore Tree CLO Advisors LP will manage the collateral through the end of the reinvestment period on April 20, 2026.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Feb. 22, 2024.
Citigroup Global Markets Inc. was the placement agent.
Sycamore Tree is an asset manager based in Dallas. The firm was founded in 2020.
| Issuer: | Sycamore Tree CLO 2023-2 Ltd./Sycamore Tree CLO 2023-2 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $404.47 million
|
| Maturity: | April 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Sycamore Tree CLO Advisors LP
|
| Call feature: | Feb. 22, 2024
|
| Settlement date: | Feb. 22
|
|
|
| Class A notes
|
| Amount: | $247 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 233 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $53 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 330 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 420 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 612 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 894 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $44.47 million
|
| Securities: | Subordinated notes
|
|
|
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