Chicago, Nov. 29 – Park Avenue Institutional Advisers LLC is refinancing for $327.11 million the collateralized loan obligation 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, 2037.
The refinanced CLO consists of $204.75 million of class A-1-R senior secured floating-rate notes at SOFR plus 190 basis points, $42.25 million of class A-2-R senior secured floating-rate notes at SOFR plus 275 bps, $19.5 million of class B-R senior secured deferrable floating-rate notes at SOFR plus 315 bps, $17.1 million of class C-R senior secured deferrable floating-rate notes at SOFR plus 600 bps, $11.4 million of class D-R senior secured deferrable floating-rate notes at SOFR plus 871 bps and $32.11 million of subordinated notes.
The previous iteration of the CLO had $204.75 million of class A-1 senior secured floating-rate notes at SOFR plus 230 bps, $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 Jan. 20, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Dec. 5, 2025.
Citigroup Global Markets Inc. was the placement agent.
Park Avenue Institutional Advisers is a New York-based investment management firm.
| Issuers: | Park Avenue Institutional Advisers CLO Ltd. 2022-2/Park Avenue Institutional Advisers CLO LLC 2022-2
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $327.11 million
|
| Maturity: | Jan. 20, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Citigroup Global Markets Inc.
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| Manager: | Park Avenue Institutional Advisers LLC
|
| Call feature: | Dec. 5, 2025
|
| Pricing date: | Nov. 22
|
| Settlement date: | Dec. 5
|
|
|
| Class A-1-R notes
|
| Amount: | $204.75 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 190 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2-R notes
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| Amount: | $42.25 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 275 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-R notes
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| Amount: | $19.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 315 bps
|
| Rating: | S&P: A
|
|
|
| Class C-R notes
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| Amount: | $17.1 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 600 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D-R notes
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| Amount: | $11.4 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 871 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $32.11 million
|
| Securities: | Subordinated notes
|
|
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