Chicago, April 15 – Pacific Investment Management Co. LLC refinanced and extended for $406.4 million the collateralized loan obligation issued by Balboa Bay Loan Funding 2023-1 Ltd./Balboa Bay Loan Funding 2023-1 LLC, according to a presale report.
The notes will mature on April 20, 2036.
The CLO now consists of $256 million of class A-R senior secured floating-rate notes at SOFR plus 142 basis points, $48 million of class B-R senior secured floating-rate notes at SOFR plus 205 bps, $24 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 255 bps, $24 million of class D-R-1 senior secured deferrable floating-rate notes at SOFR plus 380 bps, $4 million of class D-R-2 senior secured deferrable floating-rate notes at SOFR plus 515 bps, $12 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 690 bps and $38.4 million of subordinated notes.
Pacific Investment Management Co. LLC will manage the collateral through the end of the reinvestment period on April 20, 2027.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The CLO can be called starting April 20, 2025.
BofA Securities Inc. was the placement agent.
The original CLO consisted of $248 million of class A senior secured floating-rate notes at SOFR plus 190 bps, $56 million of class B senior secured floating-rate notes at SOFR plus 255 bps, $22 million of class C senior secured deferrable floating-rate notes at SOFR plus 325 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 550 bps, $12 million of class E senior secured deferrable floating-rate notes at SOFR plus 785 bps and $38.4 million of subordinated notes.
The non-call period on the original transaction extended through April 20.
Pimco is an investment adviser based in Newport Beach, Calif.
| Issuer: | Balboa Bay Loan Funding 2023-1 Ltd./Balboa Bay Loan Funding 2023-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $406.4 million
|
| Maturity: | April 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Pacific Investment Management Co. LLC
|
| Call feature: | April 20, 2025
|
| Pricing date: | April 8
|
| Settlement date: | April 20, 2024
|
|
|
| Class A-R notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 142 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 205 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 255 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R-1 notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 380 bps
|
| Rating: | S&P: BBB+
|
|
|
| Class D-R-2 notes
|
| Amount: | $4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 515 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E-R notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 690 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $38.4 million
|
| Securities: | Subordinated notes
|
|
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