Chicago, March 16 – Pacific Investment Management Co. LLC sold $400.4 million in a collateralized loan obligation being issued by Balboa Bay Loan Funding 2023-1 Ltd./Balboa Bay Loan Funding 2023-1 LLC, according to a presale report.
The notes will mature on April 20, 2035.
The CLO consists of $248 million of class A senior secured floating-rate notes at SOFR plus 190 basis points, $56 million of class B senior secured floating-rate notes at SOFR plus 255 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 550 bps, $12 million of class E senior secured deferrable floating-rate notes at SOFR plus 785 bps and $38.4 million of subordinated notes.
Pacific Investment Management Co. LLC will manage the collateral through the end of the reinvestment period on April 20, 2026.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 20, 2024.
BofA Securities Inc. was the placement agent.
The investment management firm’s first CLO of 2023 brings the assets under management for Pimco up to around $2 billion.
| Issuer: | Balboa Bay Loan Funding 2023-1 Ltd./Balboa Bay Loan Funding 2023-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $400.4 million
|
| Maturity: | April 20, 2035
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Pacific Investment Management Co. LLC
|
| Call feature: | April 20, 2024
|
| Settlement date: | March 30
|
|
|
| Class A notes
|
| Amount: | $248 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 190 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $56 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 255 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
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| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 550 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 785 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $38.4 million
|
| Securities: | Subordinated notes
|
|
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