Chicago, March 13 – Elmwood Asset Management LLC refinanced for $762.4 million the collateralized loan obligation issued by Elmwood CLO 16 Ltd./Elmwood CLO 16 LLC, according to a presale report.
The notes will mature on April 20, 2037.
The refinanced CLO consists of $480 million of class A-R senior secured floating-rate notes at SOFR plus 153 basis points, $90 million of class B-R senior secured floating-rate notes at SOFR plus 200 bps, $45 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 250 bps, $45 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 380 bps, $30 million of class E-R senior secured deferrable floating-rate notes at SOFR plus 675 bps, $11.25 million of class F-R senior secured deferrable floating-rate notes at SOFR plus 800 bps and $61.15 million of subordinated notes.
The original CLO consisted of $480 million of class A senior secured floating-rate notes at SOFR plus 141 bps, $90 million of class B senior secured floating-rate notes at SOFR plus 195 bps, $45 million of class C senior secured deferrable floating-rate notes at SOFR plus 245 bps, $45 million of class D senior secured deferrable floating-rate notes at SOFR plus 360 bps, $28.88 million of class E senior secured deferrable floating-rate notes at SOFR plus 722 bps and $61.15 million of subordinated notes.
Elmwood Asset Management LLC will manage the collateral through the end of the reinvestment period on April 20, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 12, 2026.
J.P. Morgan Securities LLC was the placement agent.
The hedge fund is based in New York.
| Issuer: | Elmwood CLO 16 Ltd./Elmwood CLO 16 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $762.4 million
|
| Maturity: | April 20, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Elmwood Asset Management LLC
|
| Call feature: | March 12, 2026
|
| Pricing date: | March 6
|
| Settlement date: | March 12
|
|
|
| Class A-R notes
|
| Amount: | $480 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 153 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-R notes
|
| Amount: | $90 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class C-R notes
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| Amount: | $45 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: A
|
|
|
| Class D-R notes
|
| Amount: | $45 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 380 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E-R notes
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| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 675 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F-R notes
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| Amount: | $11.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 800 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $61.15 million
|
| Securities: | Subordinated notes
|
|
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