Chicago, April 24 – Empower Capital Management LLC sold $497.5 million in a collateralized loan obligation being issued by Empower CLO 2023-1 Ltd./Empower CLO 2023-1 LLC, according to a presale report.
The notes will mature on April 25, 2036.
The CLO consists of $320 million of class A senior secured floating-rate notes at SOFR plus 210 basis points, $60 million of class B senior secured floating-rate notes at SOFR plus 260 bps, $27.5 million of class C senior secured deferrable floating-rate notes at SOFR plus 330 bps, $30 million of class D senior secured deferrable floating-rate notes at SOFR plus 550 bps, $15 million of class E senior secured deferrable floating-rate notes at SOFR plus 822 bps and $45 million of subordinated notes.
Empower Capital Management LLC will manage the collateral through the end of the reinvestment period on April 25, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 25, 2025.
Goldman Sachs and Co. LLC was the placement agent.
The issuer is a fully-owned subsidiary of Empower Life & Annuity Insurance Co. Empower is based in Colorado.
| Issuer: | Empower CLO 2023-1 Ltd./Empower CLO 2023-1 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $497.5 million
|
| Maturity: | April 25, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | Goldman Sachs and Co. LLC
|
| Manager: | Empower Capital Management LLC
|
| Call feature: | April 25, 2025
|
| Settlement date: | April 25
|
|
|
| Class A notes
|
| Amount: | $320 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 210 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $60 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 260 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $27.5 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 330 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $30 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 550 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
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| Amount: | $15 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 822 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $45 million
|
| Securities: | Subordinated notes
|
|
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