Chicago, July 13 – AS Birch Grove CLO Management LP sold $489 million in a collateralized loan obligation being issued by Birch Grove CLO 6 Ltd., according to press releases.
The notes will mature on July 20, 2035.
The CLO consists of $305 million of class A-1 senior secured floating-rate notes at SOFR plus 220 basis points, $22.5 million of class A-2 senior secured floating-rate notes at SOFR plus 255 bps, $51.3 million of class B senior secured floating-rate notes at SOFR plus 290 bps, $28.8 million of class C mezzanine secured deferrable floating-rate notes at SOFR plus 340 bps, $27.5 million of class D mezzanine secured deferrable floating-rate notes at SOFR plus 583 bps, $17.5 million of class E junior secured deferrable floating-rate notes at SOFR plus 893 bps and $36.4 million of subordinated notes.
AS Birch Grove CLO Management LP will manage the collateral through the end of the four-year reinvestment period.
Collateral for the notes consists of first-lien senior secured leveraged loans.
Birch Grove Capital is a New York-based alternative credit manager.
| Issuer: | Birch Grove CLO 6 Ltd.
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | $489 million
|
| Maturity: | July 20, 2035
|
| Structure: | Cash flow CLO
|
| Manager: | AS Birch Grove CLO Management LP
|
| Pricing date: | July 7
|
| Settlement date: | July 7
|
|
|
| Class A-1 notes
|
| Amount: | $305 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 220 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class A-2 notes
|
| Amount: | $22.5 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 255 bps
|
| Rating: | Moody's: Aaa
|
|
|
| Class B notes
|
| Amount: | $51.3 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | SOFR plus 290 bps
|
| Rating: | Moody's: Aa3
|
|
|
| Class C notes
|
| Amount: | $28.8 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 340 bps
|
| Rating: | Fitch: A
|
|
|
| Class D notes
|
| Amount: | $27.5 million
|
| Securities: | Mezzanine secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 583 bps
|
| Rating: | Fitch: BBB-
|
|
|
| Class E notes
|
| Amount: | $17.5 million
|
| Securities: | Junior secured deferrable floating-rate notes
|
| Coupon: | SOFR plus 893 bps
|
| Rating: | Fitch: BB-
|
|
|
| Subordinated notes
|
| Amount: | $36.4 million
|
| Securities: | Subordinated notes
|
|
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