Chicago, Aug. 4 – Palmer Square Europe Capital Management LLC sold $490.4 million of bonds in a collateralized loan obligation being issued by Palmer Square CLO 2022-3, Ltd., according to a new issue report and a press release.
The notes will mature on July 20, 2035.
The CLO consists of $320 million of class A-1 senior secured floating-rate notes at SOFR plus 180 basis points, $7.5 million of class A-2 2% senior secured fixed-rate notes, $21.3 million of class B-1 senior secured floating-rate notes at SOFR plus 250 bps, $22.7 million of class B-2 5.47% senior secured fixed-rate notes, $30.5 million of class C senior secured deferrable floating-rate notes at SOFR plus 350 bps, $32 million of class D senior secured deferrable floating-rate notes at SOFR plus 484 bps, $15 million of class E secured deferrable floating-rate notes at SOFR plus 798 bps, $1 million of class F secured deferrable floating-rate notes at SOFR plus 1,005 bps and $40.4 million of subordinated notes.
Palmer Square Europe Capital Management LLC will manage the collateral through the end of the reinvestment period in five years.
Collateral for the notes consists of 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 2022-3, Ltd.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $490.4 million
|
| Maturity: | July 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Palmer Square Europe Capital Management LLC
|
| Settlement date: | Aug. 4
|
|
|
| Class A-1 notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $7.5 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 2%
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $21.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | $22.7 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 5.47%
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $30.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 350 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $32 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 484 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $15 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 798 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
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| Amount: | $1 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 1005 bps
|
| Rating: | Moody's: B3
|
|
|
| Subordinated notes
|
| Amount: | $40.4 million
|
| Securities: | Subordinated notes
|
|
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