Chicago, Dec. 14 – Empower Capital Management LLC priced $405.29 million of notes and loans in a collateralized loan obligation being issued by Empower CLO 2023-3 Ltd./Empower CLO 2023-3 LLC, according to a presale report.
The transaction will mature on Jan. 20, 2037.
The CLO consists of $206 million of class A senior secured floating-rate notes at SOFR plus 185 basis points, $50 million of class A senior secured floating-rate notes at SOFR plus 185 bps, $48 million of class B senior secured floating-rate notes at SOFR plus 255 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 305 bps, $19 million of class D-1 senior secured deferrable floating-rate notes at SOFR plus 515 bps, $5 million of class D-2 9.25% senior secured deferrable fixed-rate notes, $13 million of class E senior secured deferrable floating-rate notes at SOFR plus 782 bps and $40.29 million of subordinated notes.
Empower Capital Management LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2029.
Collateral consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Dec. 21, 2025.
J.P. Morgan Securities LLC 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 2023-3 Ltd./Empower CLO 2023-3 LLC
|
| Issue: | Floating-rate notes, floating-rate loans, fixed-rate notes and subordinated notes
|
| Amount: | $405.29 million
|
| Maturity: | Jan. 20, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Empower Capital Management LLC
|
| Call feature: | Dec. 21, 2025
|
| Pricing date: | Dec. 7
|
| Settlement date: | Dec. 21
|
|
|
| Class A notes
|
| Amount: | $206 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A loans
|
| Amount: | $50 million
|
| Securities: | Senior secured floating-rate loans
|
| Coupon: | SOFR plus 185 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 255 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 305 bps
|
| Rating: | S&P: A
|
|
|
| Class D-1 notes
|
| Amount: | $19 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 515 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-2 notes
|
| Amount: | $5 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 9.25%
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $13 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 782 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $40.29 million
|
| Securities: | Subordinated notes
|
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