Chicago, April 2 – Western Asset Management Co. LLC refinanced for $399.3 million the collateralized loan obligation issued by Crown City CLO IV Ltd./Crown City CLO IV LLC, according to a presale report.
The notes will mature on April 20, 2037.
The refinanced CLO consists of $1 million of class X senior secured floating-rate notes at SOFR plus 110 basis points, $241 million of class A-1R senior secured floating-rate notes at SOFR plus 161 bps, $19 million of class A-J senior secured floating-rate notes at SOFR plus 182 bps, $44 million of class A-2R senior secured floating-rate notes at SOFR plus 225 bps, $10 million of class B-1R senior secured deferrable floating-rate notes at SOFR plus 280 bps, $14 million of class B-F 6.52% senior secured deferrable fixed-rate notes, $21 million of class C-1R senior secured deferrable floating-rate notes at SOFR plus 450 bps, $7 million of class C-2R senior secured deferrable floating-rate notes at SOFR plus 567 bps, $10 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 741 bps and $32.3 million of subordinated notes.
The original CLO consists of $216 million of class A-1 senior secured floating-rate notes at SOFR plus 223 bps, $57.5 million of class A-2 senior secured floating-rate notes at SOFR plus 305 bps, $19 million of class B senior secured deferrable floating-rate notes at SOFR plus 415 bps, $20.5 million of class C senior secured deferrable floating-rate notes at SOFR plus 544 bps, $14 million of class D senior secured deferrable floating-rate notes at SOFR plus 790 bps and $32.3 million of subordinated notes.
Western Asset Management Co. 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 April 20, 2026.
BofA Securities Inc. was the placement agent.
The fixed-income investment firm is based in Pasadena, Calif.
| Issuer: | Crown City CLO IV/Crown City CLO IV LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $399.3 million
|
| Maturity: | April 20, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Western Asset Management Co. LLC
|
| Call feature: | April 20, 2026
|
| Pricing date: | March 26
|
| Settlement date: | March 28
|
|
|
| Class X notes
|
| Amount: | $1 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 110 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-1R notes
|
| Amount: | $241 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 161 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-J notes
|
| Amount: | $19 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 182 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2R notes
|
| Amount: | $44 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-1R notes
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| Amount: | $10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 280 bps
|
| Rating: | S&P: A
|
|
|
| Class B-F notes
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| Amount: | $14 million
|
| Securities: | Senior secured deferrable fixed-rate notes
|
| Coupon: | 6.52%
|
| Rating: | S&P: A
|
|
|
| Class C-1R notes
|
| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 450 bps
|
| Rating: | S&P: BBB+
|
|
|
| Class C-2R notes
|
| Amount: | $7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 567 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-R notes
|
| Amount: | $10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 741 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $32.3 million
|
| Securities: | Subordinated notes
|
|
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