Chicago, Nov. 29 – Park Avenue Institutional Advisers LLC sold $324.61 million of notes in a collateralized loan obligation being issued by Park Avenue Institutional Advisers CLO Ltd. 2022-2/Park Avenue Institutional Advisers CLO LLC 2022-2, according to a presale report.
The notes will mature on Jan. 20, 2035.
The CLO consists of $204.75 million of class A-1 senior secured floating-rate notes at SOFR plus 230 basis points, $17 million of class A-2a senior secured floating-rate notes at SOFR plus 350 bps, $25.25 million of class A-2b 7.29% senior secured fixed-rate notes, $19.5 million of class B senior secured deferrable floating-rate notes at SOFR plus 436 bps, $16.25 million of class C senior secured deferrable floating-rate notes at SOFR plus 593 bps, $9.75 million of class D senior secured deferrable floating-rate notes at SOFR plus 903 bps and $32.11 million of subordinated notes.
Park Avenue Institutional Advisers LLC will manage the collateral through the end of the reinvestment period on Nov. 20, 2026.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Nov. 29, 2023.
Citigroup was the placement agent.
Park Avenue Institutional Advisers is a New York-based investment management firm.
| Issuer: | Park Avenue Institutional Advisers CLO Ltd. 2022-2/Park Avenue Institutional Advisers CLO LLC 2022-2
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $324.61 million
|
| Maturity: | Jan. 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup
|
| Manager: | Park Avenue Institutional Advisers LLC
|
| Call feature: | Nov. 29, 2023
|
| Settlement date: | Nov. 29
|
|
|
| Class A-1 notes
|
| Amount: | $204.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 230 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2a notes
|
| Amount: | $17 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 350 bps
|
| Rating: | S&P: AA
|
|
|
| Class A-2b notes
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| Amount: | $25.25 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 7.29%
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $19.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 436 bps
|
| Rating: | S&P: A
|
|
|
| Class C notes
|
| Amount: | $16.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 593 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $9.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 903 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $32.11 million
|
| Securities: | Subordinated notes
|
|
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