Chicago, Feb. 7 – Palmer Square Capital Management LLC sold $396.1 million in a collateralized loan obligation being issued by Palmer Square CLO 2023-1 Ltd./Palmer Square CLO 2023-1 LLC, according to a presale report.
The notes will mature on Jan. 20, 2036.
The CLO consists of $256 million of class A senior secured floating-rate notes at SOFR plus 190 basis points, $48 million of class B senior secured floating-rate notes at SOFR plus 260 bps, $22 million of class C senior secured deferrable floating-rate notes at SOFR plus 325 bps, $24 million of class D senior secured deferrable floating-rate notes at SOFR plus 530 bps, $12 million of class E senior secured deferrable floating-rate notes at SOFR plus 808 bps and $34.1 million of subordinated notes.
Palmer Square Capital Management LLC will manage the collateral through the end of the reinvestment period on Jan. 20, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting Jan. 20, 2025.
BofA Securities, Inc. was the placement agent.
Palmer Square Capital is an investment management firm based in Leawood, Kan.
| Issuer: | Palmer Square CLO 2023-1 Ltd./Palmer Square CLO 2023-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $396.1 million
|
| Maturity: | Jan. 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities, Inc.
|
| Manager: | Palmer Square Capital Management LLC
|
| Call feature: | Jan. 20, 2025
|
| Settlement date: | March 2
|
|
|
| Class A notes
|
| Amount: | $256 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 190 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $48 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $22 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 325 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 530 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 808 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $34.1 million
|
| Securities: | Subordinated notes
|
|
|
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