Chicago, Jan. 12 – PPM Loan Management Co. 2, LLC sold $297.32 million in a collateralized loan obligation issued by PPM CLO 6 Ltd., according to multiple press releases.
The notes will mature on Jan. 20, 2031.
The CLO consists of $186 million of class A floating-rate notes at SOFR plus 245 basis points, $42 million of class B floating-rate notes at SOFR plus 360 bps, $21 million of class C floating-rate notes at SOFR plus 450 bps, $15 million of class D floating-rate notes at SOFR plus 605 bps, $12 million of class E floating-rate notes at SOFR plus 821 bps and $21.32 million of subordinated notes.
PPM Loan Management Co. 2, LLC will manage the collateral.
The CLO is static. There is no reinvestment period.
Collateral for the notes consists of first-lien senior secured leveraged loans.
The CLO manager is based in Chicago. This is PPM’s twelfth CLO.
The firm said it closed the deal with 17 investors in a press release.
| Issuer: | PPM CLO 6 Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $297.32 million
|
| Maturity: | Jan. 20, 2031
|
| Structure: | Cash flow CLO
|
| Manager: | PPM Loan Management Co. 2, LLC
|
| Settlement date: | Dec. 20
|
|
|
| Class A notes
|
| Amount: | $186 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 245 bps
|
| Rating: | Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | $42 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 360 bps
|
| Rating: | Fitch: AA+
|
|
|
| Class C notes
|
| Amount: | $21 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 450 bps
|
| Rating: | Fitch: A+
|
|
|
| Class D notes
|
| Amount: | $15 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 605 bps
|
| Rating: | Fitch: BBB+
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Floating-rate notes
|
| Coupon: | SOFR plus 821 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $21.32 million
|
| Securities: | Subordinated notes
|
|
|
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