Chicago, May 25 – Palmer Square Capital Management LLC sold $398.64 million in a collateralized loan obligation being issued by Palmer Square CLO 2023-2 Ltd./Palmer Square CLO 2023-2 LLC, according to a presale report.
The notes will mature on April 20, 2036.
The CLO consists of $240 million of class A-1 senior secured floating-rate notes at SOFR plus 187 basis points, $12 million of class A-2 senior secured floating-rate notes at SOFR plus 220 bps, $52 million of class B senior secured floating-rate notes at SOFR plus 250 bps, $24 million of class C senior secured deferrable floating-rate notes at SOFR plus 300 bps, $23 million of class D senior secured deferrable floating-rate notes at SOFR plus 500 bps, $12 million of class E senior secured deferrable floating-rate notes at SOFR plus 824 bps and $35.635 million of subordinated notes.
Palmer Square Capital Management LLC will manage the collateral through the end of the reinvestment period on April 20, 2028.
Collateral for the notes consists of broadly syndicated speculative-grade senior secured term loans.
The notes can be called starting April 20, 2025.
J.P. Morgan Securities LLC was the placement agent.
Palmer Square Capital is an investment management firm based in Leawood, Kan.
| Issuer: | Palmer Square CLO 2023-2 Ltd./Palmer Square CLO 2023-2 LLC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $398.635 million
|
| Maturity: | April 20, 2036
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities LLC
|
| Manager: | Palmer Square Capital Management LLC
|
| Call feature: | April 20, 2025
|
| Settlement date: | June 1
|
|
|
| Class A-1 notes
|
| Amount: | $240 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 187 bps
|
| Rating: | S&P: AAA
|
|
|
| Class A-2 notes
|
| Amount: | $12 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | S&P: AAA
|
|
|
| Class B notes
|
| Amount: | $52 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 250 bps
|
| Rating: | S&P: AA
|
|
|
| Class C notes
|
| Amount: | $24 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 300 bps
|
| Rating: | S&P: A
|
|
|
| Class D notes
|
| Amount: | $23 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 500 bps
|
| Rating: | S&P: BBB-
|
|
|
| Class E notes
|
| Amount: | $12 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 824 bps
|
| Rating: | S&P: BB-
|
|
|
| Subordinated notes
|
| Amount: | $35.635 million
|
| Securities: | Subordinated notes
|
|
|
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