Chicago, Oct. 10 – Panagram Structured Asset Management, LLC sold $430.4 million of notes in a collateralized loan obligation issued by Gage Park LLC, according to a new issue report.
The notes will mature on Oct. 28, 2035.
The CLO consists of $260.86 million of class A senior secured floating-rate notes at SOFR plus 225 basis points, $44.59 million of class B senior secured floating-rate notes at SOFR plus 310 bps, $35.46 million of class C senior secured deferrable floating-rate notes at SOFR plus 390 bps, $30.51 million of class D senior secured deferrable floating-rate notes at SOFR plus 610 bps, $14.68 million of class E senior secured deferrable floating-rate notes at SOFR plus 965 bps and $44.3 million of variable dividend notes.
Panagram Structured Asset Management, LLC will manage the collateral through the end of the 5.1-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: | Gage Park LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $430.4 million
|
| Maturity: | Oct. 28, 2035
|
| Structure: | Cash flow CLO
|
| Manager: | Panagram Structured Asset Management, LLC
|
| Settlement date: | Sept. 21
|
|
|
| Class A notes
|
| Amount: | $260.86 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 225 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $44.59 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 310 bps
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $35.46 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 390 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $30.51 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 610 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $14.68 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 965 bps
|
| Rating: | Fitch: BB-
|
|
|
| Variable dividend notes
|
| Amount: | $44.3 million
|
| Securities: | Variable dividend notes
|
|
|
|
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