Chicago, May 8 – Palmer Square Europe Capital Management LLC sold €396.19 million in a collateralized loan obligation issued by Palmer Square European Loan Funding 2023-1 DAC, according to an offering document.
The notes will mature on Nov. 15, 2032.
The CLO consists of €272 million of class A secured floating-rate notes at Euribor plus 160 basis points, €32.6 million of class B-1 secured floating-rate notes at Euribor plus 295 bps, €5 million of class B-2 6.7% secured fixed-rate notes, €17.8 million of class C secured deferrable floating-rate notes at Euribor plus 400 bps, €21.4 million of class D secured deferrable floating-rate notes at Euribor plus 575 bps, €18.8 million of class E secured deferrable floating-rate notes at Euribor plus 653 bps and €28.59 million of subordinated notes.
Palmer Square Europe Capital Management LLC will manage the collateral.
There is no reinvestment period. The CLO is static.
Collateral for the notes consists of senior secured loans and bonds.
The notes can be called starting March 30, 2024.
J.P. Morgan Securities plc was the placement agent.
| Issuer: | Palmer Square European Loan Funding 2023-1 DAC
|
| Issue: | Floating-rate notes, fixed-rate notes and subordinated notes
|
| Amount: | €396.19 million
|
| Maturity: | Nov. 15, 2032
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities plc
|
| Manager: | Palmer Square Europe Capital Management LLC
|
| Call feature: | March 30, 2024
|
| Pricing date: | March 29
|
| Settlement date: | March 30
|
|
|
| Class A notes
|
| Amount: | €272 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 160 bps
|
| Price: | Par
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B-1 notes
|
| Amount: | €32.6 million
|
| Securities: | Secured floating-rate notes
|
| Coupon: | Euribor plus 295 bps
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class B-2 notes
|
| Amount: | €5 million
|
| Securities: | Secured fixed-rate notes
|
| Coupon: | 6.7%
|
| Price: | Par
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €17.8 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 400 bps
|
| Price: | Par
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €21.4 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 575 bps
|
| Price: | Par
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | €18.8 million
|
| Securities: | Secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 653 bps
|
| Price: | 92
|
| Rating: | Moody's: Ba3
|
| Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | €28.59 million
|
| Securities: | Subordinated notes
|
|
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