Chicago, Dec. 12 – Palmer Square Europe Capital Management LLC sold €389.6 million of notes in a collateralized loan obligation issued by Palmer Square European CLO 2022-2 DAC, according to an offering document.
The notes will mature on Jan. 15, 2036.
The CLO consists of €220 million of class A-1 senior secured floating-rate notes at Euribor plus 220 basis points, €26 million of class A-2 senior secured floating-rate notes at Euribor plus 320 bps, €37 million of class B senior secured floating-rate notes at Euribor plus 415 bps, €21 million of class C senior secured deferrable floating-rate notes at Euribor plus 441 bps, €28 million of class D senior secured deferrable floating-rate notes at Euribor plus 626 bps, €12 million of class E senior secured deferrable floating-rate notes at Euribor plus 825 bps and €45.6 million of subordinated notes.
Palmer Square Europe Capital Management LLC will manage the collateral through the end of the reinvestment period on Jan. 15, 2024.
Collateral for the notes consists of senior secured obligations.
The notes can be called starting Jan. 15, 2024.
Barclays was the placement agent.
Palmer Square Europe is a London-based affiliate of Palmer Square Capital, an investment management firm based in Leawood, Kan.
| Issuer: | Palmer Square European CLO 2022-2 DAC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | €389.6 million
|
| Maturity: | Jan. 15, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Palmer Square Europe Capital Management LLC
|
| Call feature: | Jan. 15, 2024
|
| Pricing date: | Nov. 30
|
| Settlement date: | Dec. 1
|
|
|
| Class A-1 notes
|
| Amount: | €220 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 220 bps
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class A-2 notes
|
| Amount: | €26 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 320 bps
|
| Rating: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €37 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 415 bps
|
| Rating: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 441 bps
|
| Rating: | S&P: A
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €28 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 626 bps
|
| Rating: | S&P: BBB-
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 825 bps
|
| Rating: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | €45.6 million
|
| Securities: | Subordinated notes
|
|
|
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