Chicago, July 20 – Elmwood Asset Management LLC sold $502 million in a collateralized loan obligation being issued by Elmwood CLO 18 Ltd./Elmwood CLO 18 LLC, according to a presale report.
The notes will mature on July 17, 2033.
The CLO consists of $307.5 million of class A senior secured floating-rate notes at SOFR plus 200 basis points, $72.5 million of class B senior secured floating-rate notes at SOFR plus 265 bps, $29.25 million of class C senior secured deferrable floating-rate notes at SOFR plus 335 bps, $28.25 million of class D senior secured deferrable floating-rate notes at SOFR plus 425 bps, $17.06 million of class E senior secured deferrable floating-rate notes at SOFR plus 776 bps, $5.44 million of class F senior secured deferrable floating-rate notes at SOFR plus 776 bps and $42 million of subordinated notes.
Elmwood Asset Management LLC will manage the collateral through the end of the reinvestment period on July 17, 2025.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting July 17, 2023.
Citigroup Global Markets Inc. was the placement agent.
The hedge fund is based in New York.
| Issuer: | Elmwood CLO 18 Ltd./Elmwood CLO 18 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $502 million
|
| Maturity: | July 17, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
|
| Manager: | Elmwood Asset Management LLC
|
| Call feature: | July 17, 2023
|
| Settlement date: | July 28
|
|
|
| Class A notes
|
| Amount: | $307.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $72.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 265 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $29.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 335 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $28.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 425 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $17.06 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 776 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $5.44 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 776 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $42 million
|
| Securities: | Subordinated notes
|
|
|
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