By Cady Vishniac
Detroit, Dec. 24 – Palmer Square Capital Management LLC priced $597.7 million in a third refinancing of three series of notes from its Palmer Square CLO 2015-1, Ltd./ Palmer Square CLO 2015-1, LLC offering, according to a Wednesday notice.
The refinancing applies only to the CLO’s class A-1-R2 notes, class A-2-R2 notes and class B-R2 notes.
These notes will be redeemed on the issue date.
The issuer has priced $457 million of class A-1-R3 floating-rate notes at Libor plus 100 basis points, $84.2 million of class A-2-R3 floating-rate notes at Libor plus 140 bps and $56.5 million of class B-R3 floating-rate notes at Libor plus 200 bps.
Palmer Square CLO 2015-1 was originally issued on May 21, 2015 and has been refinanced twice, once on May 22, 2017 and for a second time on June 17, 2019.
In the second refinancing, the CLO sold $457 million of class A-1-R2 senior secured floating-rate notes at Libor plus 122 basis points, $84.2 million of class A-2-R2 senior secured floating-rate notes at Libor plus 165 bps, $56.5 million of class B-R2 senior secured deferrable floating-rate notes at Libor plus 225 bps, $36.1 million of class C-R2 senior secured deferrable floating-rate notes at Libor plus 315 bps and $33.1 million of class D-R2 secured deferrable floating-rate notes at Libor plus 625 bps.
In the first refinancing, the CLO sold $457 million of class A-1-R notes at Libor plus 130 bps, $84.2 million of class A-2-R notes at Libor plus 185 bps, $56.5 million of class B-R notes at Libor plus 255 bps, $36.1 million of class C-R notes at Libor plus 350 bps and $33.1 million of class D-R notes at Libor plus 620 bps.
In the original $435.8 million offering, the CLO priced $263.8 million of class A-1 senior secured floating-rate notes at Libor plus 150 bps; $53.45 million of class A-2 senior secured floating-rate notes at Libor plus 205 bps; $33.15 million of class B senior secured deferrable floating-rate notes at Libor plus 285 bps; $21.15 million of class C senior secured deferrable floating-rate notes at Libor plus 340 bps; $19.45 million of class D secured deferrable floating-rate notes at Libor plus 495 bps and $44.8 million of subordinated notes.
The CLO is backed primarily by broadly syndicated first-lien senior secured corporate loans.
Palmer Square is a Mission Woods, Kan., is a credit and structured credit investment company.
| Issuer: | Palmer Square CLO 2015-1, Ltd./ Palmer Square CLO 2015-1, LLC
|
| Amount: | $597.7 million
|
| Maturity: | May 2029
|
| Securities: | Floating-rate notes
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Palmer Square Capital Management LLC
|
| Pricing date: | Dec. 23
|
| Settlement date: | Jan. 15
|
|
|
| Class A-1-R3
|
| Amount: | $457 million
|
| Coupon: | Libor plus 100 bps
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
|
|
| Class A-2-R3
|
| Amount: | $84.2 million
|
| Coupon: | Libor plus 140 bps
|
| Ratings: | Moody’s: AA
|
| S&P: Non-rated
|
|
|
| Class A-1-R3
|
| Amount: | $56.5 million
|
| Coupon: | Libor plus 200 bps
|
| Ratings: | Moody’s: A
|
| S&P: Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
