By Marisa Wong
Los Angeles, Feb. 8 – Palmer Square European CLO 2022-2 DAC refinanced in whole six classes of senior secured floating-rate notes due 2036 issued on Dec. 1, 2022, according to an offering circular.
The new notes will mature on Jan. 15, 2038.
A series of subordinated notes due 2036 had been issued alongside the original senior secured floating-rate notes. The maturity date of the subordinated notes will be extended to Jan. 15, 2038, but new subordinated notes are not being offered as part of the refinancing.
The CLO now consists of €240 million class A-R senior secured floating-rate notes due 2038; €48 million of class B-R senior secured floating-rate notes due 2038; €24 million of class C-R senior secured floating-rate notes due 2038; €26 million class D-R senior secured floating-rate notes due 2038; €15 million class E-R senior secured floating-rate notes due 2038; €10 million class F-R senior secured floating-rate notes due 2038; and €45.6 million subordinated notes due 2038.
The refinanced 2036 notes comprised €220 million class A-1 notes; €26 million class A-2 notes; €37 million class B notes; €21 million class C notes; €28 million class D note; €12 million class E notes; and the €45.6 million subordinated notes.
The notes can be called starting July 15, 2025.
Palmer Square Europe Capital Management LLC is the collateral manager.
Barclays Bank plc is the arranger and initial purchaser.
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
|
| Amount: | $363 million
|
| Issue: | Floating-rate notes (refinancing)
|
| Maturity: | Jan. 15, 2038
|
| Arranger: | Barclays Bank plc
|
| Manager: | Palmer Square Europe Capital Management LLC
|
| Trustee: | Citibank, NA, London Branch
|
| Counsel to issuer: | Maples and Calder (Ireland) LLP
|
| Counsel to manager: | Dechert LLP
|
| Counsel to arranger: | Paul Hastings (Europe) LLP
|
| Counsel to trustee: | Allen & Overy LLP
|
| Call feature: | Non-callable until July 15, 2025
|
| Issue date: | Jan. 26
|
|
|
| Class A-R notes
|
| Amount: | €240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Ratings: | S&P: AAA
|
| Fitch: AAA
|
|
|
| Class B-R notes
|
| Amount: | €48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 250 bps
|
| Ratings: | S&P: AA
|
| Fitch: AA
|
|
|
| Class C-R notes
|
| Amount: | €24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 300 bps
|
| Ratings: | S&P: A
|
| Fitch: A
|
|
|
| Class D-R notes
|
| Amount: | €26 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 400 bps
|
| Ratings: | S&P: BBB-
|
| Fitch: BBB-
|
|
|
| Class E-R notes
|
| Amount: | €15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 659 bps
|
| Ratings: | S&P: BB-
|
| Fitch: BB-
|
|
|
| Class F-R notes
|
| Amount: | €10 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 815 bps
|
| Ratings: | S&P: B-
|
| Fitch: B-
|
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