The original version of this story listed Palmer Square CLO 2021-2, Ltd./Palmer Square CLO 2021-2, LLC as co-issuers. The issuer for this CLO was actually Palmer Square Loan Funding 2021-2, Ltd. The story ran in the March 23 issue of the Prospect News CLO Daily. The issuer that was originally listed has priced a different CLO transaction. A corrected version of the story is below.
Chicago, May 19 – Palmer Square Capital Management LLC has priced $704.21 million of notes in the new Palmer Square CLO Loan Funding 2021-2, Ltd./Palmer Square CLO Loan Funding 2021-2, LLC transaction, according to a pre-sale report.
The notes, due May 2029, are broken down into $476 million of class A-1 senior secured floating-rate notes at Libor plus 80 basis points, $84 million of class A-2 senior secured floating-rate notes at Libor plus 125 bps, $42 million of class B senior secured deferrable floating-rate notes at Libor plus 140 bps, $24.5 million of class C senior secured deferrable floating-rate notes at Libor plus 240 bps, $24.5 million of class D senior secured deferrable floating-rate notes at Libor plus 500 bps and $7 million of class E senior secured deferrable floating-rate notes at Libor plus 750 bps,
There are also $46.21 million of subordinated notes.
Citigroup Global Markets Inc. is underwriting the transaction.
The CLO will be managed by Palmer Square Capital Management, but the CLO is static and there is neither reinvestment allowed nor any sort of reinvestment period.
Collateral for the notes will be mostly syndicated senior secured corporate loans with the portfolio expected to be completely ramped at closing.
The notes can be called starting in April 2022.
Palmer Square Capital is an investment management firm based in Leawood, Kan.
| Issuers: | Palmer Square CLO Loan Funding 2021-2, Ltd./Palmer Square CLO Loan Funding 2021-2, LLC
|
| Issue: | Floating-rate and subordinated notes
|
| Structure: | Cash flow CLO
|
| Amount: | $704.21 million
|
| Maturity: | May 2029
|
| Agent: | Citigroup Global Markets Inc.
|
| Manager: | Palmer Square Capital Management LLC
|
| Call: | April 2022
|
| Pricing date: | March 18
|
| Settlement date: | April 2021
|
|
|
| Class A-1 notes
|
| Amount: | $476 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 80 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $84 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 125 bps
|
| Rating: | Moody's: Aa1
|
|
|
| Class B notes
|
| Amount: | $42 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Moody's: A2
|
|
|
| Class C notes
|
| Amount: | $24.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 240 bps
|
| Rating: | Moody's: Baa2
|
|
|
| Class D notes
|
| Amount: | $24.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 500 bps
|
| Rating: | Moody's: Ba2
|
|
|
| Class E notes
|
| Amount: | $7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 750 bps
|
| Rating: | Moody's: B1
|
|
|
| Subordinated notes
|
| Amount: | $46.21 million
|
| Securities: | Subordinated notes
|
© 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.
