Chicago, April 14 – Sycamore Tree CLO Advisors LP sold $401 million in a collateralized loan obligation being issued by Sycamore Tree CLO 2023-3 Ltd./Sycamore Tree CLO 2023-3 LLC, according to a presale report.
The notes will mature on April 20, 2035.
The CLO consists of $246 million of class A-1 senior secured floating-rate notes at SOFR plus 220 basis points, $8 million of class A-2 senior secured floating-rate notes at SOFR plus 265 bps, $32 million of class B-1 senior secured floating-rate notes at SOFR plus 300 bps, $14 million of class B-2 6.55% senior secured fixed-rate notes, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 395 bps, $22 million of class D senior secured deferrable floating-rate notes at SOFR plus 591 bps, $14 million of class E senior secured deferrable floating-rate notes at SOFR plus 866 bps and $41 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 April 20, 2024.
Goldman Sachs & Co. LLC was the placement agent.
Sycamore Tree is an asset manager based in Dallas. The firm was founded in 2020.
| Issuer: | Sycamore Tree CLO 2023-3 Ltd./Sycamore Tree CLO 2023-3 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $401 million
|
| Maturity: | April 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs & Co. LLC
|
| Manager: | Sycamore Tree CLO Advisors LP
|
| Call feature: | April 20, 2024
|
| Settlement date: | April 14
|
|
|
| Class A-1 notes
|
| Amount: | $246 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $8 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 265 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $32 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $14 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.55%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 395 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 591 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 866 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $41 million
|
| Securities: | Subordinated notes
|
|
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