Chicago, Aug. 7 – Palmer Square Europe Capital Management LLC priced €348.4 million of notes in a collateralized loan obligation being issued by Palmer Square European Loan Funding 2023-2 DAC, according to a presale report.
The notes will mature on Jan. 15, 2033.
The CLO consists of €238 million of class A senior secured floating-rate notes at Euribor plus 170 basis points, €31.7 million of class B senior secured floating-rate notes at Euribor plus 295 bps, €17.7 million of class C senior secured deferrable floating-rate notes at Euribor plus 390 bps, €17.2 million of class D senior secured deferrable floating-rate notes at Euribor plus 550 bps, €16.3 million of class E senior secured deferrable floating-rate notes at Euribor plus 733 bps and €27.5 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 non-investment-grade broadly syndicated loans and high-yield bonds.
The notes can be called starting Aug. 26, 2024.
J.P. Morgan Securities plc was the placement agent.
Palmer Square Europe is a London-based affiliate of Palmer Square Capital, an investment management firm based in Leawood, Kan.
| Issuer: | Palmer Square European Loan Funding 2023-2 DAC
|
| Issue: | Floating-rate notes and subordinated notes
|
| Amount: | €348.4 million
|
| Maturity: | Jan. 15, 2033
|
| Structure: | Cash flow CLO
|
| Placement agent: | J.P. Morgan Securities plc
|
| Manager: | Palmer Square Europe Capital Management LLC
|
| Call feature: | Aug. 26, 2024
|
| Pricing date: | July 19
|
| Settlement date: | Aug. 24
|
|
|
| Class A notes
|
| Amount: | €238 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 170 bps
|
| Rating: | Moody's: Aaa
|
| Fitch: AAA
|
|
|
| Class B notes
|
| Amount: | €31.7 million
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 295 bps
|
| Rating: | Moody's: Aa2
|
| Fitch: AA
|
|
|
| Class C notes
|
| Amount: | €17.7 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 390 bps
|
| Rating: | Moody's: A2
|
| Fitch: A
|
|
|
| Class D notes
|
| Amount: | €17.2 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 550 bps
|
| Rating: | Moody's: Baa3
|
| Fitch: BBB
|
|
|
| Class E notes
|
| Amount: | €16.3 million
|
| Securities: | Senior secured deferrable floating-rate notes
|
| Coupon: | Euribor plus 733 bps
|
| Rating: | Moody's: Ba3
|
| Fitch: BB
|
|
|
| Subordinated notes
|
| Amount: | €27.5 million
|
| Securities: | Subordinated notes
|
|
|
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