Chicago, Sept. 20 – Western Asset Management Co. LLC sold $359.3 million in a collateralized loan obligation being issued by Crown City CLO IV Ltd./Crown City CLO IV LLC, according to a presale report.
The notes will mature on Oct. 20, 2033.
The CLO consists of $216 million of class A-1 senior secured floating-rate notes at SOFR plus 223 basis points, $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 Oct. 20, 2024.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting March 28, 2024.
BofA Securities Inc. was the placement agent.
The fixed-income investment firm is based in Pasadena, Calif.
| Issuer: | Crown City CLO IV Ltd./Crown City CLO IV LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $359.3 million
|
| Maturity: | Oct. 20, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Western Asset Management Co. LLC
|
| Call feature: | March 28, 2024
|
| Settlement date: | Sept. 28
|
|
|
| Class A-1 notes
|
| Amount: | $216 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 223 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $57.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 305 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $19 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 415 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $20.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 544 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $14 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 790 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $32.3 million
|
| Securities: | Subordinated notes
|
|
|
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