Chicago, Nov. 4 – Palmer Square Capital Management LLC priced $488.35 million in a collateralized loan obligation being issued by Palmer Square CLO 2022-4 Ltd./Palmer Square CLO 2022-4 LLC, according to a presale report.
The notes will mature on Oct. 20, 2035.
The CLO consists of $280 million of class A1-A senior secured floating-rate notes at SOFR plus 215 basis points, $20 million of class A1-B 6.32% senior secured fixed-rate notes, $15 million of class A2 senior secured floating-rate notes at SOFR plus 260 bps, $65 million of class B senior secured floating-rate notes at SOFR plus 300 bps, $30 million of class C senior secured deferrable floating-rate notes at SOFR plus 400 bps, $22.5 million of class D senior secured deferrable floating-rate notes at SOFR plus 534 bps, $21.25 million of class E senior secured deferrable floating-rate notes at SOFR plus 858 bps and $34.6 million of subordinated notes.
Palmer Square Capital Management LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2027.
Collateral for the notes consists of senior secured term loans.
The notes can be called starting Nov. 20, 2024.
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 2022-4 Ltd./Palmer Square CLO 2022-4 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $488.35 million
|
| Maturity: | Oct. 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Palmer Square Capital Management LLC
|
| Call feature: | Nov. 20, 2024
|
| Settlement date: | Nov. 15
|
|
|
| Class A1-A notes
|
| Amount: | $280 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 215 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A1-B notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 6.32%
|
| Rating: | S&P: AAA
|
|
|
| Class A2 notes
|
| Amount: | $15 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $65 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 400 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $22.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 534 bps
|
| Rating: | S&P: BBB
|
|
|
| Class E notes
|
| Amount: | $21.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 858 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $34.6 million
|
| Securities: | Subordinated notes
|
|
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