Chicago, March 23 – Western Asset Management Co. LLC sold $348.45 million in a collateralized loan obligation being issued by Crown City CLO V Ltd./Crown City CLO V LLC, according to a presale report.
The notes will mature on April 20, 2034.
The CLO consists of $217 million of class A-1 senior secured floating-rate notes at SOFR plus 202 basis points, $49 million of class A-2 senior secured floating-rate notes at SOFR plus 250 bps, $21 million of class B senior secured deferrable floating-rate notes at SOFR plus 360 bps, $17.5 million of class C senior secured deferrable floating-rate notes at SOFR plus 565 bps, $12.25 million of class D senior secured deferrable floating-rate notes at SOFR plus 837 bps and $31.7 million of subordinated notes.
Western Asset 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 fixed-income investment firm is based in Pasadena, Calif.
| Issuer: | Crown City CLO V Ltd./Crown City CLO V LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $348.45 million
|
| Maturity: | April 20, 2034
|
| Structure: | Cash flow CLO
|
| Placement agent: | BofA Securities Inc.
|
| Manager: | Western Asset Management Co. LLC
|
| Call feature: | April 20, 2024
|
| Settlement date: | April 6
|
|
|
| Class A-1 notes
|
| Amount: | $217 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 202 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $49 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: AA
|
|
|
| Class B notes
|
| Amount: | $21 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 360 bps
|
| Rating: | S&P: A+
|
|
|
| Class C notes
|
| Amount: | $17.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 565 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class D notes
|
| Amount: | $12.25 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 837 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $31.7 million
|
| Securities: | Subordinated notes
|
|
|
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