Chicago, Oct. 20 – Elmwood Asset Management LLC priced $450 million in a collateralized loan obligation being issued by Elmwood CLO 20 Ltd./Elmwood CLO 20 LLC, according to a presale report.
The notes will mature on Oct. 17, 2034.
The CLO consists of $283.5 million of class A senior secured floating-rate notes at SOFR plus 200 basis points, $47.25 million of class B-1 senior secured floating-rate notes at SOFR plus 275 bps, $11.25 million of class B-2 6.05% senior secured fixed-rate notes, $27 million of class C senior secured deferrable floating-rate notes at SOFR plus 385 bps, $24.3 million of class D senior secured deferrable floating-rate notes at SOFR plus 510 bps, $14.85 million of class E senior secured deferrable floating-rate notes at SOFR plus 855 bps, $5.85 million of class F senior secured deferrable floating-rate notes at SOFR plus 855 bps and $36 million of subordinated notes.
Elmwood Asset Management LLC will manage the collateral through the end of the reinvestment period on Oct. 17, 2025.
Collateral for the notes consists of speculative-grade senior secured term loans.
The notes can be called starting Oct. 17, 2023.
RBC Capital Markets LLC was the placement agent.
The hedge fund is based in New York.
| Issuer: | Elmwood CLO 20 Ltd./Elmwood CLO 20 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $450 million
|
| Maturity: | Oct. 17, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | RBC Capital Markets LLC
|
| Manager: | Elmwood Asset Management LLC
|
| Call feature: | Oct. 17, 2023
|
| Settlement date: | Oct. 31
|
|
|
| Class A notes
|
| Amount: | $283.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $47.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 275 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $11.25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.05%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 385 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 510 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $14.85 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 855 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $5.85 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 855 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $36 million
|
| Securities: | Subordinated notes
|
|
|
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