Chicago, Sept. 28 – Brightwood SPV Advisors LLC sold $319.351 million of notes and loans in a collateralized loan obligation being issued by Brightwood Capital MM CLO 2023-1 Ltd./Brightwood Capital MM CLO 2023-1 LLC, according to a presale report.
The CLO will mature on Oct. 15, 2035.
The transaction consists of $9 million of class X senior secured floating-rate notes at SOFR plus 225 basis points, $129.56 million of class A-1A senior secured floating-rate notes at SOFR plus 275 bps, $12.64 million of class A-1B 6.89% senior secured fixed-rate notes, $10 million of class A-1L senior secured floating-rate loans at SOFR plus 275 bps, $800,000 of class A-2 senior secured floating-rate notes at SOFR plus 325 bps, $15 million of class A-2L senior secured floating-rate loans at SOFR plus 325 bps, $13 million of class B senior secured floating-rate notes at SOFR plus 375 bps, $20 million of class B-L senior secured floating-rate loans at SOFR plus 375 bps, $27 million of class C senior secured deferrable floating-rate notes at SOFR plus 480 bps, $18 million of class D senior secured deferrable floating-rate notes at SOFR plus 646 bps, $18 million of class E senior secured deferrable floating-rate notes at SOFR plus 1,036 bps, $46.35 million of I subordinated notes and $1,000 of II subordinated notes.
Brightwood SPV Advisors LLC will manage the collateral through the end of the reinvestment period on Oct. 15, 2027.
Collateral for the notes consists of middle-market speculative-grade senior secured term loans.
The notes can be called starting Sept. 28, 2025.
GreensLedge Capital Markets LLC was the placement agent.
Brightwood SPV is an asset management firm owned by New York-based Brightwood Capital Advisors, LLC.
| Issuer: | Brightwood Capital MM CLO 2023-1 Ltd./Brightwood Capital MM CLO 2023-1 LLC
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| Issue: | Floating-rate notes, fixed-rate notes, floating-rate loans and subordinated notes
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| Amount: | $319.351 million
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| Maturity: | Oct. 15, 2035
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| Structure: | Cash flow CLO
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| Placement agent: | GreensLedge Capital Markets LLC
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| Manager: | Brightwood SPV Advisors LLC
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| Call feature: | Sept. 28, 2025
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 28
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|
| Class X notes
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| Amount: | $9 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | SOFR plus 225 bps
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| Rating: | S&P: AAA
|
|
|
| Class A-1A notes
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| Amount: | $129.56 million
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| Securities: | Senior secured floating-rate notes
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| Coupon: | SOFR plus 275 bps
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| Rating: | S&P: AAA
|
|
|
| Class A-1B notes
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| Amount: | $12.64 million
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| Securities: | Senior secured fixed-rate notes
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| Coupon: | 6.89%
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| Rating: | S&P: AAA
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|
|
| Class A-1L loans
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| Amount: | $10 million
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| Securities: | Senior secured floating-rate loans
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| Coupon: | SOFR plus 275 bps
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| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
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| Amount: | $0.8 million
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| Securities: | Senior Secured floating-rate notes
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| Coupon: | SOFR plus 325 bps
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| Rating: | S&P: AAA
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|
|
| Class A-2L loans
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| Amount: | $15 million
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| Securities: | Senior Secured floating-rate loans
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| Coupon: | SOFR plus 325 bps
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| Rating: | S&P: AAA
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|
|
| Class B notes
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| Amount: | $13 million
|
| Securities: | Senior Secured floating-rate notes
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| Coupon: | SOFR plus 375 bps
|
| Rating: | S&P: AA
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|
|
| Class B-L notes
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| Amount: | $20 million
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| Securities: | Senior secured floating-rate loans
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| Coupon: | SOFR plus 375 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $27 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 480 bps
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| Rating: | S&P: A
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|
|
| Class D notes
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| Amount: | $18 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 646 bps
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| Rating: | S&P: BBB-
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|
|
| Class E notes
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| Amount: | $18 million
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| Securities: | Senior secured deferrable floating-rate notes
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| Coupon: | SOFR plus 1,036 bps
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| Rating: | S&P: BB-
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|
|
| I subordinated notes
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| Amount: | $46.35 million
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| Securities: | Subordinated notes
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|
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| II subordinated notes
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| Amount: | $1,000
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| Securities: | Subordinated notes
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