Chicago, Aug. 3 – Empower Capital Management LLC priced $504.3 million of notes and loans in a collateralized loan obligation being issued by Empower CLO 2023-2 Ltd./Empower CLO 2023-2 LLC, according to a presale report.
The notes will mature on July 15, 2036.
The CLO consists of $250 million of class A-1 senior secured floating-rate notes at SOFR plus 220 basis points, $50 million of class A-1 senior secured floating-rate loans at SOFR plus 220 bps, $22.5 million of class A-2 senior secured floating-rate notes at SOFR plus 240 bps, $57.5 million of class B senior secured floating-rate notes at SOFR plus 275 bps, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 340 bps, $27.5 million of class D senior secured deferrable floating-rate notes at SOFR plus 540 bps, $17.5 million of class E senior secured deferrable floating-rate notes at SOFR plus 825 bps and $49.3 million of subordinated notes.
Empower Capital Management LLC will manage the collateral through the end of the reinvestment period on July 15, 2028.
Collateral for the notes consists of senior secured loans with most borrowers based in the United States.
The notes can be called starting Aug. 22, 2025.
Citigroup Global Markets Inc. was the placement agent.
The issuer is a fully-owned subsidiary of Empower Life & Annuity Insurance Co. Empower is based in Colorado.
| Issuer: | Empower CLO 2023-2 Ltd./Empower CLO 2023-2 LLC
|
| Issue: | Floating-rate notes, floating-rate loans and subordinated notes
|
| Amount: | $504.3 million
|
| Maturity: | July 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Empower Capital Management LLC
|
| Call feature: | Aug. 22, 2025
|
| Pricing date: | Aug. 3
|
| Settlement date: | Aug. 22
|
|
|
| Class A-1 notes
|
| Amount: | $250 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1 loans
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $22.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $57.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 275 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 340 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 540 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 825 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $49.3 million
|
| Securities: | Subordinated notes
|
|
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