Chicago, Dec. 23 – 1988 Asset Management, LLC sold $415.35 million in a collateralized loan obligation being issued by 1988 CLO 1 Ltd., according to new issue report.
The notes will mature on Oct. 15, 2037.
The CLO consists of $131 million of class A floating-rate notes at SOFR plus 245 basis points, $125 million of class A floating-rate loans at SOFR plus 245 bps, $38 million of class B-1 floating-rate notes at SOFR plus 320 bps, $20 million of class B-2 6.65% fixed-rate notes, $24 million of class C floating-rate notes at SOFR plus 435 bps, $24 million of class D floating-rate notes at SOFR plus 591 bps, $12 million of class E floating-rate notes at SOFR plus 805 bps and $41.35 million of subordinated notes.
1988 Asset Management, LLC will manage the collateral through the end of the 4.2-year reinvestment period.
Collateral for the notes consists of first-lien senior secured leveraged loans.
1988 Asset Management is based in New York.
Issuer: | 1988 CLO 1 Ltd.
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Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
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Amount: | $415.35 million
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Maturity: | Oct. 15, 2037
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Structure: | Cash flow CLO
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Manager: | 1988 Asset Management, LLC
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Announcement date: | Nov. 15
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Class A notes
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Amount: | $131 million
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Securities: | Floating-rate notes
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Coupon: | SOFR plus 245 bps
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Rating: | Fitch: AAA
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Class A loans
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Amount: | $125 million
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Securities: | Floating-rate loans
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Coupon: | SOFR plus 245 bps
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Rating: | Fitch: AAA
|
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Class B-1 notes
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Amount: | $38 million
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Securities: | Floating-rate loans
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Coupon: | SOFR plus 320 bps
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Rating: | Fitch: AA
|
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Class B-2 notes
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Amount: | $20 million
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Securities: | Fixed-rate notes
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Coupon: | 6.65%
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Rating: | Fitch: AA
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Class C notes
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Amount: | $24 million
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Securities: | Floating-rate loans
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Coupon: | SOFR plus 435 bps
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Rating: | Fitch: A
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Class D notes
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Amount: | $24 million
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Securities: | Floating-rate loans
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Coupon: | SOFR plus 591 bps
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Rating: | Fitch: BBB-
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Class E notes
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Amount: | $12 million
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Securities: | Floating-rate loans
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Coupon: | SOFR plus 805 bps
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Rating: | Fitch: BB-
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Subordinated notes
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Amount: | $41.35 million
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Securities: | Subordinated notes
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