Chicago, Dec. 22 – Panagram Structured Asset Management, LLC sold $772.02 million in a collateralized loan obligation being issued by Cedar Crest 2022-1 LLC, according to a new issue report.
The notes will mature on Oct. 28, 2034.
The CLO consists of $393.97 million of class A-FL floating-rate notes at SOFR plus 255 basis points, $123.09 million of class A-FX 6.75% fixed-rate notes, $70.17 million of class B floating-rate notes at SOFR plus 360 bps, $64.15 million of class C floating-rate notes at SOFR plus 485 bps, $67.59 million of class D floating-rate notes at SOFR plus 650 bps, $29.71 million of class E floating-rate notes at SOFR plus 1,050 bps, $18.94 million of class F floating-rate notes at SOFR plus 1,575 bps and $4.4 million of variable dividend notes.
Panagram Structured Asset Management, LLC will manage the collateral through the end of the 3.9-year reinvestment period.
Collateral for the notes consists of first-lien senior secured leveraged loans.
Panagram is a structured asset management firm based in New York.
| Issuer: | Cedar Crest 2022-1 LLC
|
| Issue: | Floating-rate notes, fixed-rate notes and variable dividend notes
|
| Amount: | $772.02 million
|
| Maturity: | Oct. 28, 2034
|
| Structure: | Cash flow CLO
|
| Manager: | Panagram Structured Asset Management, LLC
|
| Announcement date: | Nov. 17
|
|
|
| Class A-FL notes
|
| Amount: | $393.97 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 255 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A-FX notes
|
| Amount: | $123.09 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 6.75%
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $70.17 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 360 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $64.15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 485 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $67.59 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 650 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $29.71 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 1,050 bps
|
| Rating: | Fitch: BB-
|
|
|
| Class F notes
|
| Amount: | $18.94 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 1,575 bps
|
| Rating: | Fitch: B-
|
|
|
| Variable dividend notes
|
| Amount: | $4.4 million
|
| Securities: | Subordinated notes
|
|
|
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