Chicago, June 16 – Brigade Capital Management LP priced for $405.5 million the collateralized loan obligation being issued by Battalion CLO XXIII Ltd./Battalion CLO XXIII LLC, according to a presale report.
The notes will mature on May 19, 2036.
The CLO consists of $231 million of class A floating-rate loans at SOFR plus 144 basis points, $25 million of class A floating-rate notes at SOFR plus 144 bps, $32.5 million of class B-1 floating-rate notes at SOFR plus 210 bps, $15.5 million of class B-2 4.65% fixed-rate notes, $24 million of class C deferrable floating-rate notes at SOFR plus 265 bps, $24 million of class D deferrable floating-rate notes at SOFR plus 395 bps, $16 million of class E deferrable floating-rate notes at SOFR plus 750 bps and $37.5 million of subordinated notes.
Brigade Capital Management LP will manage the collateral through the end of the reinvestment period on July 15, 2025.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting June 29, 2023.
Barclays was the placement agent.
Brigade Capital is an investment advisor firm based in New York.
| Issuer: | Battalion CLO XXIII Ltd./Battalion CLO XXIII LLC
|
| Issue: | Floating-rate loans, floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $405.5 million
|
| Maturity: | May 19, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Brigade Capital Management LP
|
| Call feature: | June 29, 2023
|
| Settlement date: | June 29
|
|
|
| Class A loans
|
| Amount: | $231 million
|
| Securities: | Floating-rate loans
|
| Coupon: | SOFR plus 144 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A notes
|
| Amount: | $25 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 144 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $32.5 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $15.5 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 4.65%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | SOFR plus 265 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | SOFR plus 395 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $16 million
|
| Securities: | Deferrable floating-rate notes
|
| Coupon: | SOFR plus 750 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $37.5 million
|
| Securities: | Subordinated notes
|
|
|
|
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