Chicago, Dec. 1 – Elmwood Asset Management LLC sold $300.25 million in a collateralized loan obligation being issued by Elmwood CLO 21 Ltd./Elmwood CLO 21 LLC, according to a presale report.
The notes will mature on Nov. 20, 2035.
The CLO consists of $180 million of class A-1 senior secured floating-rate notes at SOFR plus 225 basis points, $10 million of class A-2 senior secured floating-rate notes at SOFR plus 295 bps, $18 million of class B-1 senior secured floating-rate notes at SOFR plus 305 bps, $20 million of class B-2 7.03% senior secured fixed-rate notes, $16.5 million of class C senior secured deferrable floating-rate notes at SOFR plus 385 bps, $15.75 million of class D senior secured deferrable floating-rate notes at SOFR plus 565 bps, $10.5 million of class E senior secured deferrable floating-rate notes at SOFR plus 860 bps, $4.5 million of class F senior secured deferrable floating-rate notes at SOFR plus 1015 bps and $25 million of subordinated notes.
Elmwood Asset Management LLC will manage the collateral through the end of the reinvestment period on Oct. 20, 2025.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Oct. 20, 2023.
Morgan Stanley & Co. LLC was the placement agent.
The hedge fund is based in New York.
| Issuer: | Elmwood CLO 21 Ltd./Elmwood CLO 21 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $300.25 million
|
| Maturity: | Nov. 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | Morgan Stanley & Co. LLC
|
| Manager: | Elmwood Asset Management LLC
|
| Call feature: | Oct. 20, 2023
|
| Settlement date: | Nov. 28
|
|
|
| Class A-1 notes
|
| Amount: | $180 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $10 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 295 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $18 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 305 bps
|
| Rating: | S&P: AA
|
|
|
| Class B-2 notes
|
| Amount: | $20 million
|
| Securities: | Senior secured fixed-rate notes
|
| Coupon: | 7.03%
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $16.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 385 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $15.75 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 565 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $10.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 860 bps
|
| Rating: | S&P: BB-
|
|
|
| Class F notes
|
| Amount: | $4.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 1015 bps
|
| Rating: | S&P: B-
|
|
|
| Subordinated notes
|
| Amount: | $25 million
|
| Securities: | Subordinated notes
|
|
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