Chicago, Feb. 3 – Palmer Square Capital Management LLC sold $807.8 million in a collateralized loan obligation being issued by Palmer Square CLO 2021-3, Ltd., according to multiple notices.
The notes will mature on Jan. 15, 2035.
The CLO consists of $480 million of class A-1 senior secured floating-rate notes at Libor plus 115 basis points, $32 million of class A-2 senior secured floating-rate notes at Libor plus 140 bps, $96 million of class B senior secured floating-rate notes at Libor plus 165 bps, $44 million of class C senior secured deferrable floating-rate notes at Libor plus 195 bps, $48 million of class D senior secured deferrable floating-rate notes at Libor plus 295 bps, $36 million of class E senior secured deferrable floating-rate notes at Libor plus 615 bps, $16 million of class F senior secured deferrable floating-rate notes at Libor plus 844 bps and $55.8 million of subordinated notes.
Palmer Square Capital Management LLC will manage the collateral through the end of the reinvestment period on 5.1 years.
Collateral will primarily be first-lien senior secured leveraged loans.
J.P. Morgan Securities LLC was the placement agent.
Palmer Square Capital is an investment management firm based in Leawood, Kan.
| Issuer: | Palmer Square CLO 2021-3, Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $807.8 million
|
| Maturity: | Jan. 15, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Palmer Square Capital Management LLC
|
| Settlement date: | Dec. 9
|
|
|
| Class A-1 notes
|
| Amount: | $480 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 115 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $32 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 140 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $96 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Libor plus 165 bps
|
| Rating: | Moody's: Aa2
|
|
|
| Class C notes
|
| Amount: | $44 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 195 bps
|
| Rating: | Moody's: A2
|
|
|
| Class D notes
|
| Amount: | $48 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 295 bps
|
| Rating: | Moody's: Baa3
|
|
|
| Class E notes
|
| Amount: | $36 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 615 bps
|
| Rating: | Moody's: Ba3
|
|
|
| Class F notes
|
| Amount: | $16 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Libor plus 844 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $55.8 million
|
| Securities: | Subordinated notes
|
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