Chicago, March 5 – Northwestern Mutual Investment Management Co. LLC priced $454.15 million of notes in a collateralized loan obligation being issued by 720 East CLO IV Ltd./720 East CLO IV LLC, according to a presale report.
The notes will mature on April 15, 2037.
The CLO consists of $288 million of class A-1 senior secured floating-rate notes at SOFR plus 160 basis points, $27 million of class A-2 senior secured floating-rate notes at SOFR plus 180 bps, $27 million of class B senior secured floating-rate notes at SOFR plus 200 bps, $27 million of class C senior secured deferrable floating-rate notes at SOFR plus 240 bps, $27 million of class D senior secured deferrable floating-rate notes at SOFR plus 385 bps, $13.5 million of class E senior secured deferrable floating-rate notes at SOFR plus 650 bps and $44.65 million of subordinated notes.
Northwestern Mutual Investment Management Co. LLC will manage the collateral through the end of the reinvestment period on April 15, 2029.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 15, 2026.
Barclays was the placement agent.
The manager is a subsidiary of Northwestern Mutual Life Insurance Co.
| Issuer: | 720 East CLO IV Ltd./720 East CLO IV LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $454.15 million
|
| Maturity: | April 15, 2037
|
| Structure: | Cash flow CLO
|
| Placement agent: | Barclays
|
| Manager: | Northwestern Mutual Investment Management Co. LLC
|
| Call feature: | April 15, 2026
|
| Pricing date: | Feb. 26
|
| Settlement date: | March 14
|
|
|
| Class A-1 notes
|
| Amount: | $288 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 160 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $27 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 180 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $27 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 200 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 240 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $27 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 385 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $13.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 650 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $44.65 million
|
| Securities: | Subordinated notes
|
|
|
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