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.
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | $415.35 million
|
| Maturity: | Oct. 15, 2037
|
| Structure: | Cash flow CLO
|
| Manager: | 1988 Asset Management, LLC
|
| Announcement date: | Nov. 15
|
|
|
| Class A notes
|
| Amount: | $131 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class A loans
|
| Amount: | $125 million
|
| Securities: | Floating-rate loans
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | $38 million
|
| Securities: | Floating-rate loans
|
| Coupon: | SOFR plus 320 bps
|
| Rating: | Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | $20 million
|
| Securities: | Fixed-rate notes
|
| Coupon: | 6.65%
|
| Rating: | Fitch: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate loans
|
| Coupon: | SOFR plus 435 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Floating-rate loans
|
| Coupon: | SOFR plus 591 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Floating-rate loans
|
| Coupon: | SOFR plus 805 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $41.35 million
|
| Securities: | Subordinated notes
|
|
|
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